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12/20/24
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An affiliate of Cohen Asset Management paid $8.7 mil for a freestanding, 48.8k sf ($178/sf) industrial manufacturing building in Gilbert, AZ. Located at 779 North Colorado St in Phoenix’s Southeast Valley, the single-tenant building is 100% leased to a leading LED lighting company.
The seller was De Pietro Holdings, a privately held commercial real estate investment company also based in Southern California, which owned the property since 2015 prior to the sale. Cushman & Wakefield’s Private Capital Group in Phoenix consisting of Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented both parties in the transaction.
“This is a high-quality, value-add asset in Phoenix’s Southeast Valley, a strong-growth submarket that continues to attract solid occupier demand for industrial space. Additionally, the property, originally developed in 2004, has been exceptionally maintained and has retained its high image and modern appeal,” said Phil Haenel.
The Southeast Valley achieved 3 msf of industrial occupancy growth through Q3-2024, one of the highest figures in the Phoenix market, according to a market report from Cushman & Wakefield.
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