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3/22/24
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Cohen Asset Management has acquired Elwood Rising, a brand new, Class A spec industrial development totaling 120k sf in Goodyear, AZ. The asset was sold by Atlas Capital Partners for $21.8 mil ($182/sf).
Located in the growing and sought-after Phoenix Southwest Valley area, the freestanding building was delivered in January and is fully leased to a global industrial field services company, which executed a long-term lease while the building was still under construction.
Located at 3750 South 156th Ave in the City of Goodyear, Elwood Rising features an above standard state-of-the-art design featuring a massive all concrete and secured truck court with a maximum depth of 220’ feet. The building has approximately 3.6k sf of offices, 32’ clear height, and the warehouse is fully air conditioned.
In addition, Elwood Rising is within minutes of multiple major freeways including I-85, I-10 and Loop 303. The property’s strategic location, only 10 minutes from a full diamond interchange, provides immediate access to the surrounding area and is less than a six-hour drive to the Port of Los Angeles and Long Beach.
Cushman & Wakefield’s Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group - Mountain West represented both parties in the sale. JLL’s Pat Harlan and Kyle Westfall served as the project’s leasing team and negotiated the existing lease.
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