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2/22/24
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Koll Cotton Center, a seven-building, 228.6k sf multi-tenant light industrial project in Phoenix’s Sky Harbor submarket, was acquired by San Mateo-based G.W. Williams Co in a $38 mil ($166/sf) transaction. The property was 98% leased at the time of sale.
Located at 4050 East Cotton Center and situated on 17.8 acres at the corner of 40th St, Koll Cotton Center is less than one mile south of I-10 and minutes from a full diamond interchange at I-10 and Loop-202 and the Phoenix Sky Harbor International Airport. In addition, the location is less than 15 miles from the BNSF intermodal rail facility in Phoenix’s West Valley. The property provides excellent access to all points in the metro Phoenix and the greater California region via I-10.
The seller was TerraCap Management, LLC, a commercial real estate investment manager focused on value-add real estate acquisitions. Cushman & Wakefield’s Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group—Mountain West in collaboration with Tracy Cartledge and Robert Buckley of Cushman & Wakefield’s Capital Markets brokered the transaction.
“TerraCap acquired Koll Cotton Center, a marquee business park, in 2021 as a value-add opportunity and completed upgrades that included new roofs, improving the exteriors, repositioning the vacant suites and more during its ownership,” said Hunt. “G.W. Williams Co. has added a high quality, well-leased industrial asset with a highly desirable and strategic Phoenix location to its investment portfolio.”
“Light industrial properties have remained in high demand by small- to mid-size occupiers given their flexibility to accommodate a variety of industries,” added Kuller. “And as one of the most robust and strongest performing industrial areas in Metro Phoenix, the Sky Harbor submarket is well-known and desired due to its proximity to several key freeways and logistical routes.”
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