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11/30/20
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A two-building, Class A industrial portfolio totaling 292.2k sf in the Phoenix Metro area was sold to two buyers in separate transactions totaling $45.35 mil. The properties were sold by Cohen Asset Management.
The key asset in the portfolio consists of a 249.9k sf, Class A warehouse/distribution facility located at 8313 W. Latham St in Tolleson, within the highly active Southwest Valley of the Phoenix Metro area. The single-tenant property traded in mid November for $31.85 mil, or $127/sf.
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 other asset in the portfolio is a 42.3k 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 for $13.5 mil ($319/sf) by a high-net worth family out of California looking to satisfy a 1031 exchange requirement.
Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the seller in the transactions.
“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.”
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