CAMFIL HVAC Filtration Solutions
NewsUncategorized

Disposal of Single-Tenant Facilities In Phoenix

19.11.2020, 00:24

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.”

CAMFIL HVAC Filtration Solutions

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

Related Articles

Back to top button

We've noticed you are using an ad blocker

Advertising helps bring you fresh independent content. Please disable the adblock plugin or settings in your web browser to access the content you are trying to reach on www.fmindustry.com.