Cushman & Wakefield reports disposition of property at Canal Crossing
Staff Reports | Digital Free Press
Cushman & Wakefield has arranged the disposition of a high-quality last mile industrial portfolio totaling 491,152 square feet in Phoenix.
The two-building portfolio comprises Canal Crossing, a single-tenant building totaling 155,144 SF on 10 acres, and Riverside @ 51st, a multi-tenant building of 336,038 SF on 19.38 acres, according to a press release.
The portfolio is 100% leased, the release states.
The pair of last-mile assets were sold to separate buyers. Canal Crossing was acquired by LaSalle Investment Management, and Riverside @ 51st was acquired by Link Logistics.
Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, and Molly Hunt of the firm’s National Industrial Advisory Group brokered the transactions. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel, and Foster Bundy provided leasing advisory.
“The portfolio consists of two institutional quality last mile buildings occupying core infill locations with proximity to demand drivers and customer bases. The properties benefit from immediate access to major transportation corridors, offering connectivity to multiple major markets within a single day,” said Senior Associate Molly Hunt.
“These transactions provided a win-win-win outcome for all parties. The seller was rewarded after fully leasing and stewarding these quality industrial properties for many years, while the buyers have each acquired assets with attractive investment fundamentals, opportunity and anticipated future success.”
Vice Chair Phil Haenel points out the industrial sector of the Phoenix metropolitan area continues to enjoy strong demand.
“Although there has been some recent adjusting in the industrial sector, we continue to see good investor demand in Phoenix particularly for quality logistics assets with freeway access,” he said in a prepared statement.