Phoenix amenities fuel deal for Koll Company through Cushman & Wakefield
Staff Reports | Digital Free Press
Cushman & Wakefield has brokered the sale of a two-building industrial portfolio totaling 65,594 square feet in the heart of Phoenix.
The Koll Company acquired the portfolio for approximately $13.72 million in an off-market deal from JFN Mechanical, a plumbing contractor company providing various multifamily and hospitality construction projects, according to a press release.
The portfolio consists of a brand new 32,608-square-foot building at 4587 W. McDowell Road that was delivered in the first quarter of 2022 and is 100% leased to Phoenix WinSupply, the release states.
The second asset is a 32,986-square-foot building at 5127 W. Roosevelt St., built in 2017, which JFN will continue to occupy through a sale-leaseback agreement, the release states.
Executive Director Phil Haenel and Vice Chairman Will Strong with Cushman & Wakefield represented both parties in the portfolio sale and leaseback.
Prior, Mr. Haenel also represented JFN in their original building acquisitions as well as the lease with Phoenix WinSupply, the release states.
“These are two strong and modern assets in one of the most sought-after industrial submarkets in Arizona, which created an advantageous investment opportunity,” Mr. Haenel said in a prepared statement.
“Demand remains robust for industrial space in Phoenix, particularly well-located Class A product. The metro area has seen explosive occupier growth in 2020/2021 that has carried into 2022, according to Cushman & Wakefield research. The west and southwest Phoenix submarkets where these assets are located combined for 748,000 square feet of growth in fiscal quarter No. 1 of this year, largely from the Southwest area.”
The McDowell Road property is a freestanding industrial building atop 2.35 acres, and features 24-foot clear height, 1,200-square-foot of office space, dock and grade doors, evaporative cooling system, LED lighting and ESFR sprinklers.
The Roosevelt Street property is a freestanding industrial building on 2.42 acres and features 24-foot clear height 3,000-square-feet of office space, dock and grade doors, evaporate cooling systems, LED lighting and ESFR sprinklers.
