Cushman & Wakefield advises Echo Real Estate in $7.1M Surprise land purchase
Staff Reports | Digital Free Press
Cushman & Wakefield has arranged the sale of a fully entitled ±11.65-acre industrial development site within municipal bounds of Surprise.
Echo Real Estate Capital, Inc. acquired the land at 132nd and Peoria avenues where it plans to build Echo Park @ P132, which is envisaged as four new single-tenant industrial buildings totaling 182,610 square feet.
Echo Capital purchased the land for approximately $7.1 million in Phoenix’s expanding West Valley. The general contractor for the project is Premier Design + Build, according to a press release.
Cushman & Wakefield’s Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt and Katie Repine of the firm’s institutional and private capital groups represented the seller — Cohen Asset Management — in the sale of the land.
Cushman & Wakefield’s Mike Haenel, Andy Markham and Foster Bundy will provide market leasing advisory for the new buildings.
“Phoenix’s West Valley has captured significant interest from industrial users who want to be located near the Loop 303. It also serves as a secondary location for Southwest Phoenix/North Phoenix and Deer Valley industrial users,” said Senior Director Kirk Kuller. “The offering is a terrific opportunity to develop four best-in-class shallow bay industrial buildings to meet an underserved segment of the market in this booming corridor.”
Executive Vice Chairman Will Strong points out the West Valley region of the Phoenix metropolitan area is prime for expansion and development.
“Phoenix has about 125 million square feet of industrial properties that are less than 50,000 SF and the inventory of shallow bay buildings has grown only 4% over the past 10 years,” Mr. Strong said in a prepared statement. “These buildings are in high-demand and there are only a handful with modern functionality available across the entire Phoenix market. We are happy to see such a terrific outcome for both buyer and seller on this deal.”