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7/27/22
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An affiliate of Cohen Asset Management has acquired The Landing 3, 4 and 5 (“The Landing”), a brand new Class A industrial development totaling 858.9k sf on over 64 acres along E Ray Rd in Mesa, AZ. The property was sold by joint venture of Martens Development, a Scottsdale, AZ-based real estate firm, and Dune Real Estate Partners, a leading New York-based real estate investment firm.
One of the largest Class A industrial parks in metro Phoenix, the nine-building, state-of-the-art asset sold in three transactions between January and June of 2022 for a combined $208 mil ($242/sf).
The Landing 3 was built in 2021 at 7827 to 8009 E Ray Rd and consists of six light industrial buildings and a rare cross-dock facility that are 100% leased. The Landing 4 was recently completed in 2022 and consists of a single light industrial building at 8127 E Ray Rd totaling 235k sf that is 100% leased. The Landing 5 was also recently completed in 2022 and consists of a 98.5k sf light industrial spec building located at E Ray Rd and Hawes Rd that is currently vacant.
The Landing’s state-of-the art construction offers modern features and functionalities, including 36-ft clear heights, 100% concrete throughout the entire project, excellent loading and heavy parking, ESFR sprinklers, and fenced yard. The location provides freeway frontage/visibility and expedited access to Loop 202, I-10, Loop 101, and the U.S. 60 interchange. The Landing also fronts Phoenix-Mesa Gateway Airport with proximity to Sky Harbor International Airport and downtown Phoenix, providing unsurpassed regional, national and international access.
The property is situated in one of Mesa’s federally designated opportunity zones, offering tax benefits.
Will Strong, Greer Oliver, Connor Nebeker-Hay, Adam Spies and Marcella Fasulo with Cushman & Wakefield represented the seller in the transaction. CBRE’s Kevin Cosca provided leasing advisory. Rob Rubano and Brian Share with C&W arranged financing for the buyer.
“A preferred location for high-tech, manufacturing, R&D and e-commerce users, The Landing is 89% leased to a strong, diversified tenant mix, and represents a trophy core asset and an extremely detailed industrial development,” said Strong. “Mesa’s strong market fundamentals, together with the project’s exceptional location, quality and financial profile, made this both a superior and rare investment opportunity in a sought-after submarket regionally and nationally. The steady sale of such a significant, high-profile portfolio over months speaks volumes to the consistent outlook of Phoenix’s industrial market.”
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