The property asset involved in the transaction is a 34,620-square-foot industrial facility located at 7160 West Sherman Street in Phoenix, AZ. The sale was finalized for $30,000,000, resulting in a price per square foot of $867. This property was previously a FedEx distribution facility and is currently mostly vacant. Knight-Swift Transportation Holdings intends to utilize the facility for its freight operations, strategically situated near Interstate 10.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $30,000,000
• Address: 7160 West Sherman Street
• Market: Phoenix, AZ
• Square Footage: 34,620
• Price per Square Foot: $867
• Buyer: Knight-Swift Transportation Holdings
• Seller: EQT Real Estate
• Buyer's Representative: Eric Walker - Cresa
• Seller's Representative: Andrew Gibbs - Burr & Temkin

An affiliate of Knight-Swift Transportation Holdings acquired the property from EQT Real Estate, which had purchased it for $24.1 million in 2021. This acquisition plan aligns with Knight-Swift’s operational expansion strategy to support their $7.41 billion revenue business.