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9/26/17
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Foster City-based Bailard purchased a 188.1k sf industrial building in Phoenix for $16.1 mil ($86/sf). The state-of-the-art industrial/flex building, situated on 11.3 acres at 7822 S. 46th St, is 100% leased to BAE Systems.
Located in the highly desirable Phoenix Sky Harbor Airport submarket, the property is considered one of the most recognizable assets in the area due to its long-term credit tenancy, high-profile location, quality high-tech interior improvements and proximity to major freeways.
The property was sold by Cohen Asset Management, who acquired the asset in 1992. This property was the first of many investments made by Cohen in the Phoenix market and was the start of the company’s 35 acquisitions in the Phoenix marketplace.
Will Strong of Cushman & Wakefield, along with Rick Lee and Conner Lee of Lee & Associates, represented both parties in the deal.
“The sale of BAE Systems 46th Street building represents continued demand for well-located industrial product leased to investment grade tenants in Metro Phoenix. It has been institutionally owned, managed and maintained by one of the largest and most active investors of industrial real estate in the city,” said Strong.
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