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Cushman & Wakefield advises Founder Properties on Sky Harbor industrial project

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Founders Properties, a privately held real estate investment management company headquartered in Minneapolis, acquired the high-quality industrial center from a global real estate investment firm. (File Photos/DigitalFreePress)
Staff Reports | Digital Free Press

Cushman & Wakefield arranged the sale of 21st Street Center, which is a two-building industrial project totaling 162,232 square feet on more than 8 acres in the Sky Harbor airport submarket of Phoenix.

Consisting of two highly functional industrial buildings found at 455 and 465 West 21st Street, the property was 100% leased to three tenants at the time of sale, according to a press release.

Founders Properties, a privately held real estate investment management company headquartered in Minneapolis, acquired the high-quality industrial center from a global real estate investment firm, the release states.

Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s national industrial advisory group – mountain west represented both seller and buyer in the transaction. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel, and Foster Bundy provided leasing advisory and were also retained by the buyer to continue handling the project’s leasing efforts.

In addition, a Cushman & Wakefield Equity, Debt & Structured Finance (“EDSF”) team of Rob Rubano, Brian Share, Max Schafer, and Becca Tse placed the acquisition loan.

“21st Street Center is an outstanding, well-established infill industrial asset with a great location in the Phoenix Airport submarket,” said Cushman & Wakefield Director Foster Bundy. “The location further benefits from immediate access to multiple key logistical routes spanning the region. Adding to the appeal of its investment profile are its stable tenancy and high occupancy coupled with a staggered expiration schedule allowing for potential continued rent growth.”

According to Cushman & Wakefield research, with approximately 70.7 million square feet of inventory, the Phoenix Airport submarket reported a healthy industrial vacancy rate of 5.9% in Q1 2024, compared to an overall vacancy of 10.6% for the growing Phoenix market.

“The asset has been institutionally developed, managed, and maintained—most recently by the seller—and offers many state-of-the-art features fitting modern industrial tenant demand in the area, including its exceptional tenant size flexibility with various storefronts, ample loading and parking, substantial power, and more,” Ms. Hunt said in a prepared statement.

“Founders Properties has added a strong performing, high-quality industrial asset to its Phoenix portfolio.”

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