Total Square Footage: 50,366
Acquired: August 16, 2023
Tenant Name: Centuri Group, Inc.
On August 16, 2023, Royal Oak acquired the flex and industrial outdoor storage facility of Centuri Group, Inc. (“Centuri”) located in Glendale, Arizona within the Phoenix Metropolitan Statistical Area (“MSA”). Phoenix is the 10th largest MSA in the country. In recent years, Glendale has become a high-demand and rapid-growth submarket, where inventory has more than doubled since 2013. This transaction represents another off-market, self-sourced opportunity for Royal Oak. As part of this transaction, Royal Oak agreed to the assumption of the current mortgage on the property at a very attractive fixed rate of just under 3.6% through September 2029. There were 8 years remaining on the in-place absolute net lease at closing.
The property was constructed in 2014 and is a 50,366 square foot flex facility consisting of warehouse and modest office space. The property is situated on 12.01 acres and includes highly sought after fenced and paved industrial outdoor storage space.
Centuri was formed in 2014 and serves as a strategic infrastructure services company that partners with regulated utilities to help build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. Centuri operates in four major segments: electric, natural gas, energy transition, and restoration services. Centuri delivers a comprehensive and integrated array of solutions through its primary operating companies: NPL Construction Co., NPL Canada Ltd, New England Utility Constructors, Inc., Linetec Services, LLC, and Riggs Distler & Company, Inc.