Hines Global II Agrees to Pay $56.2M for 820K SF Amazon Warehouse in AZ

Photo via Google Maps

Photo via Google Maps

Hines Global REIT II, Inc. has entered into a contract to acquire Goodyear Crossing II, a Class-A industrial warehouse in the Phoenix submarket of Goodyear, AZ, for $56.2 million, exclusive of transaction costs and working capital reserves.

Goodyear Crossing II was constructed in 2008 and 2009 and consists of 820,384 square feet of net rentable area that is 100 percent leased to Amazon.com under a lease that expires in September 2019. The seller was RT GOODYEAR, LLC.

Amazon has a right of first offer to purchase the property and the seller has requested that the tenant waive that right. If the tenant has not waived that right by July 26, 2016, Hines Global II and the seller each have the right to terminate the contract.

Hines Global II expects the closing of this acquisition to occur on August 23, 2016, subject to a number of closing conditions and an option to extend the closing date at Hines Global II’s discretion for up to 15 days.

Hines Global II funded a $1.0 million earnest money deposit on June 27, 2016, which may not be refunded if it does not close on this acquisition.