Officials at Cushman & Wakefield are reporting the commercial brokerage firm served in an advisory role to an affiliate of Cohen Asset Management in the recent sale of a 230,385-square-foot Class A industrial complex found on 19 acres in Phoenix.
Built in 2017, the freeway logistics center is a modern three-building, multi-tenant project that provides frontage along Interstate 10 in the Sky Harbor Airport industrial submarket, according to a press release.
The buyer was CBRE Investment Management, the release states.
Vice Chairman Will Strong, senior associate at Greer Oliver; and senior financial analyst Connor Nebeker-Hay of Cushman & Wakefield represented the seller.
“Freeway Logistics Center is a first-class, core industrial park that is highly functional, extremely well located, and perfectly positioned to capitalize on a very tight market that maintains extraordinary industrial fundamentals driven by robust net growth,” Mr. Strong said in a prepared statement.
“Adding to its attractiveness, the asset is 100% leased to four tenants including multiple international credit tenants.”
As land opportunities dwindle in the Phoenix metropolitan core has created a land race of sorts around Sky Harbor International Airport, Mr. Strong pointed out.
“A lack of available land and space options, coupled with escalating land and construction pricing, has created major constraints in the Sky Harbor Airport submarket of Metro Phoenix,” he said. “An infill location like this is very difficult to replicate in today’s market.”
The freeway logistics center is at 3545, 3555 & 3575 S. 28th Street, directly off Interstate-10 and close to Interstate-17 as well as Sky Harbor International Airport, 3400 E Sky Harbor Blvd.
Commercial experts contend the property features Class A design attributes including 30-foot clear heights, A-2 (heavy industrial) zoning, excellent loading with concrete truck courts, additional yard (2.1 acres), ESFR sprinkler systems, trailer parking, and a fully secured and gated property.