The industrial and logistics real estate sector includes different types of real estate, such as manufacturing facilities, fulfillment centers, small or big-box warehouses, last mile logistics, and self-storage. Often, facilities are organized in logistics hubs around seaports, airports, and major highways. Last mile distribution refers to the final step of the delivery process, which means locating it as close to the customer as possible is crucial. Because they vary widely in their use, industrial and logistics facilities are often built to suit the need of the specific operation, with varying levels of automation. As the sector grows to support the rise of e-commerce and the need for resilient supply chains closer to the end-consumer, there has been a boost in speculative development, or development projects without a commitment to a buyer or occupier. Because of its potential to reduce costs and increase efficiency, automation is becoming increasingly important for the sector.
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The property is strategically located in close proximity to major transportation nodes, including Interstate Highway 10 (I-10) and Arizona State Route 101 (Loop 101), and has over 600,000 square feet (“SF”) of space with state-of-the-art physical features designed for multi-tenant occupancy. The buildings were delivered in June 2022 and feature 135'+ truck courts and 36 foot clear heights.
The building was delivered in 2017 and totals approximately 281,000 square-feet (SF) of warehouse space with 32-foot clear heights, a 148-foot truck court and ample trailer parking and dock high doors. 6300 Providence Way is located in close proximity to I-15 and offers access to major trucking routes, as well as being approximately one hour from Los Angeles International Airport, the Port of Los Angeles and The Port of Long Beach.
The property is in Warren, Michigan, comprising approximately 85,000 square feet of industrial space. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with a subsidiary of Sozo Companies, Inc. (Sozo) for continued use as a regulated cannabis cultivation, processing and retail facility.