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7/18/24
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EQT Exeter has acquired Falcon Park 303 - Phase II, a brand new, 326k sf Class A industrial building on over 21 acres in Glendale, AZ, in a $50 mil transaction. It was sold by US Capital Development and an institutional investor.
The freestanding building was delivered on a speculative basis in 2023 and is 100% leased to a single tenant. The building is part of a larger, new modern industrial campus totaling 925.5k sf situated on nearly 60 acres.
Located at 15132 and 15152 West Camelback Rd, respectively, Falcon Park 303 - Phase I and II are situated in a core bulk related warehouse location and are 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, Michael Matchett, Molly Hunt and Dean Wiley with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West (IAG-MW) team represented the sellers in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale as well as brokered the full-building lease with the existing tenant in Q4 2023.
Starting in 2021, the C&W Industrial Leasing team represented USCD in identifying a defunct golf course as an industrial redevelopment site and the C&W Mountain West team secured USCD’s equity partner. The leasing team then represented both the tenant and landlord in leasing Phases I and II. In 2023, the C&W Mountain West team sold Phase I to Cohen Asset Management for $81.7 mil and the C&W Equity Debt Structured Financing team arranged the financing for the buyer. Finally, the C&W Mountain West team completed the process by selling Phase II to EQT Exeter, the real estate division of EQT, which acquires, develops, leases, and manages logistics/ industrial, residential and office/life science properties.
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