Disposal of Single-Tenant Facilities In Phoenix
Cushman & Wakefield has advised Cohen Asset Management on the sale of a Class A industrial portfolio totaling 292,185 square feet in the Phoenix, Arizona Metro area for US $45.35 million.
The portfolio comprising two buildings located in the Southwest Valley and Tempe submarkets recently sold to separate buyers.
Will Strong and Greer Oliver from the company’s National Industrial Advisory Group in Phoenix represented the seller in the transactions.
The key asset in the portfolio consists of a 249,904-sf Class A warehouse/distribution facility located at 8313 W. Latham St., Tolleson, within the highly active Southwest Valley of the Phoenix Metro area. The single-tenant property traded in mid November for US $31.85 million. The award-winning distribution center is fully leased on a long-term basis to a major international convenience store operator. The property was acquired by global investment firm KKR after a highly competitive process.
The remaining asset in the portfolio consists of a 42,281-sf Class A industrial/showroom building located at 2077 E. University Dr. in Tempe. The single-tenant property is fully leased to a premier global electric vehicle and clean energy company. The asset was acquired by a high-net worth family out of California looking to satisfy a 1031 exchange requirement that paid US $13.50 million in September.
“These properties sold by Cohen were unusual core investment opportunities to acquire two fully leased, state-of-the-art buildings occupied by two multi-national corporations with mission critical uses,” says Will Strong, Cushman & Wakefield Executive Managing Director. “Their high profile ‘Main and Main’ locations in strong, highly desirable submarkets, excellent credit tenancy, and proximity to major freeways made them best-in-class industrial offerings. These types and classes of assets remain in very high demand by investors.”