Dealmaker: Cushman & Wakefield Brokers $45M in Industrial Asset Sales
Cushman & Wakefield, Chicago, brokered $45.3 million in Arizona industrial property sales.
In metro Phoenix, the firm advised Cohen Asset Management, Los Angeles, when it sold a 292,185-square-foot Class A industrial portfolio. The portfolio included buildings in the Southwest Valley and Tempe submarkets that sold to separate buyers for a combined $45.35 million.
Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group represented Cohen Asset Management in the transactions.
The key asset in the portfolio is a 249,904-square-foot warehouse and distribution facility located at 8313 W. Latham Street in Tolleson within Phoenix’s Southwest Valley area. The single-tenant property traded in mid-November for $31.85 million. Convenience store operator Circle K leases the Class A facility on a long-term basis. Investment firm KKR purchased 8313 W. Latham Street.
The other asset in the portfolio was a 42,281-square-foot Class A industrial/showroom building located at 2077 E. University Drive in Tempe. A high-net worth family from California paid $13.5 million in September for the property, seeking to satisfy a 1031 exchange requirement.
“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,” said Strong. “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.”