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5/24/23
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A Cohen Asset Management Inc affiliate acquired a newly constructed, 599.5k sf Class A industrial building in Glendale, AZ in an $81.7 mil ($136/sf) transaction. It was sold by US Capital Development.
The facility, known as Falcon Park 303 - Phase I, was built on a speculative basis in 2022 and is 100% leased. The freestanding building is part of a larger industrial campus totaling 925.5k sf of space.
Located at 15132 West Camelback Rd, Falcon Park 303 - Phase I is situated in a core bulk related warehouse location, with direct highway access to two metropolitan centers and proximity to the Sky Harbor International Airport. The location is minutes from multiple major freeways including Loop 303, Loop 101 and Interstate 17. It is also less than a six-hour drive to the Port of Los Angeles and Long Beach and has complete transportation linkages via air, rail, and ground.
Will Strong, Kirk Kuller, Micki Strain and Molly Hunt with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented USCD in the disposition. In 2021, the Cushman & Wakefield team also assisted USCD in originally identifying the property, formerly a defunct golf course, as a prospective development site. In addition, the team helped USCD in sourcing an equity partner during the COVID-19 pandemic to develop the project.
Cushman & Wakefield’s Mike Haenel, Andy Markham and Phil Haenel provided market leasing advisory in the disposition and, along with the firm’s Benjamin Brenner and Eddie Coxe, also handled the full-building lease with the existing tenant in Q4 2022. A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share and Joseph Lieske also repped Cohen Asset Management Inc in securing $36.9 mil in their acquisition financing for the property.
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