Oxford, EverWest JV Buys Chandler Airpark, Completing $46.34 Million Kitchell Portfolio Buy

Chandler, Arizona industrial acquisitions continue the JV’s Arizona investment momentum

March 25, 2022

CHANDLER, AZ (MARCH 25, 2022) – Leading global real estate investor, asset manager and business builder Oxford Properties Group (“Oxford”) and prominent real estate investment management firm EverWest Real Estate Investors (“EverWest”) have closed on the US$26.34 million Chandler Airpark. The deal completes the JV’s US$46.34 million acquisition of a three-building, 261,940-square-foot, Kitchell-built Class A industrial portfolio that was recently completed and delivered in Chandler, Arizona.

Collectively, the acquisitions follow the JV’s objective to acquire and develop approximately US$1.0 billion (gross asset value) of core-plus and value-add light industrial product in major U.S. growth markets.

Oxford and EverWest began the acquisition of the Kitchell portfolio in late 2021, with the purchase of 800 E. German Road for $20 million. Last month, the companies announced the building’s full, 113,100-square-foot lease-up to a sustainable technology company.

Chandler Airpark comprises 148,830 square feet in two buildings totaling 82,119 square feet and 66,711 square feet, respectively. Each building features 28’ clear height, dock-high and ground-level loading positions, concrete truck courts, and generous power and parking.

“Chandler Airpark allowed us to acquire a vacant building with the opportunity to lease, stabilize and hold in a market experiencing exponential population growth and demand,” said EverWest Managing Director of Asset Management Amr Ceran. “We are extremely bullish on the Arizona market and are pursuing additional acquisitions here in the year ahead.”

“Speed to market is critical for industrial users and these projects meet that demand, providing immediate move-in for tenants and strong yield for ownership,” said Ankit Bhatt, Vice President of Investments at Oxford Properties. “This is in direct alignment with our investment goals and continues to build a foundation of extremely stable, logistics-based holdings.”

Chandler Airpark and 800 E. Germann are located along E. Germann Road, minutes from Chandler Municipal Airport and within one mile of Loop 202, offering quick access to two full-diamond interchanges and the market’s highly skilled labor pool.

Together, the portfolio totals 261,940 square feet within the Chandler Airport submarket, which in the past two years has grown from .4 million square feet to 4.8 million square feet of net industrial absorption, driven by tenant and market demand.

Ceran and Managing Director of Acquisitions Erik Good directed the transaction for EverWest. Will Strong of Cushman & Wakefield served as the sales broker.

Since launching their joint venture late in 2021, Oxford and EverWest have secured 16 light industrial assets across target markets in the Northeast, Southern, Mountain, Southwest, West Coast and Pacific Northwest regions.

Part of a thematic capital allocation strategy, Oxford has substantially grown its global industrial business over recent years. Last August it acquired a 149-building, 14.5 million-square-foot light industrial portfolio across 12 U.S. markets from KKR for US$2.2 billion. While in September Oxford announced it had completed its acquisition of M7 Real Estate, a market-leading pan European logistics investment and asset manager.

As a result of its sustained growth, logistics now represents the largest allocation of capital within Oxford’s global real estate portfolio. Building on this momentum, Oxford and EverWest will continue to seek strategy-driven, infill light industrial acquisition opportunities across key U.S. growth markets.

About Oxford Properties Group
Oxford Properties Group (“Oxford”) is a leading global real estate investor, asset manager and business builder. It builds, buys, and grows defined real estate operating business with world-class management teams. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford’s owned portfolio encompasses office, logistics, retail, multifamily residential, life sciences, hotels and credit in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world’s most active developers with over 100 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. For more information on Oxford, visit www.oxfordproperties.com

About EverWest Real Estate Investors LLC
EverWest Real Estate Investors (“EverWest”) is a real estate investment advisor providing investment management services throughout the U.S. including acquisitions, asset management, development and property management for our investors. With $4.3 billion in assets under management, EverWest clients invest through separately managed accounts and commingled funds. The firm is headquartered in Denver with regional investment offices in New York City, Charlotte, Los Angeles and San Francisco metro areas. EverWest is an affiliate of Sagard, a leading global alternative asset management platform within the Power Corporation of Canada ecosystem. For more information, visit www.everwest.com.