Tag Archives: Cohen Asset Management

4346 E Elwood, Lee and Assoc, WEB

Cohen Asset Management buys 66KSF warehouse in Phoenix

A 66,429 SF industrial warehouse at 4346 E. Elwood St. in Phoenix has sold for $5,198,069. Price per SF for the sale was $78.25. The entire site is comprised of 4.68 acres and includes two fenced yards that total .45 acres. The building was 92 percent leased at the time of the transaction.

Four Lee & Associates principals helped negotiate terms of the deal: Ken McQueen and Chris McClurg represented the seller, Elwood HA, LLC (Hewson Co.) of Phoenix while Matt Fredrick and Rick Lee represented the buyer, Cohen Asset Management of Los Angeles. Hewson President Sean Babson assisted in the transaction.

Built in 2002, the multi-tenant building features 20’ clear height, grade-level and truckwell loading, heavy power and 3:1,000 parking. The property is just minutes to Sky Harbor International Airport and is situated at the nexis of the Valley’s freeway system with easy access to both I-10 (Maricopa Frwy.) and SR 143 (Hohokam Expy.)

Hewson is a Phoenix-based real estate development and management company and has developed over 20 million square feet of properties over their 30 years of operation.

Cohen, a private real estate investment fi rm has been very active this year with the purchase of several large properties in the Phoenix market.

1800 S. Price, Lee Associates, WEB

Calif. investment firm takes Chandler Iridium facility for $12.7M

A 69,429 SF fl ex manufacturing facility and an adjacent 2.97 AC parcel at 1800 S. Price Rd. in Chandler has been sold for $12.65M. The building is fully-leased to Iridium Communications with an estimated 10 years remaining on their lease.

Cohen Asset Management, Inc., a California-based private real estate investment fi rm purchased the building from Abart Properties Corp. of Scottsdale. Lee & Associates Arizona Principals Rick Lee and Andy Ogan represented Cohen. Bret Angner with Nova Management represented Abart in the transaction.

The building is located in one of the Valley’s best commercial real estate areas. Chandler’s Price Corridor is home to notable companies such as Intel Corp., Motorola, PayPal, Orbital Sciences, eBay, Amkor Electronics, Charles Shwab and General Motors. The area is served by the Loop 101 and Loop 202 freeways with easy access to the entire Valley.

Iridium Communications, based in McLean, Virginia, is a mobile satellite communications company providing voice and data solutions worldwide. It is the only company of its kind that spans the entire globe.

8313 Latham, WEB

Ryan West Business Park sells for $14.59M

Cassidy Turley announced today that a subsidiary of Cohen Asset Management purchased Ryan West Business Park, a ±242,863 square foot warehouse distribution building at 8313 Latham in Tolleson for $14,591,460 from EG Properties, LLC. Ryan Companies US, Inc’s (Ryan) Real Estate Management group was the asset manager for the seller and will continue to serve as property manager for the buyer. Will Strong, Mike Haenel and Andy Markham, SIOR of Cassidy Turley procured the investment sale transaction, bringing the buyer, Cohen, and the seller together.

“Phoenix’s industrial market continues to attract capital searching for assets with credit tenancy, modern features and a history of being institutionally managed and maintained. Ryan West Business Park fits that description,” according to Will Strong, Vice President with Cassidy Turley’s Industrial Services Group. “Located less than one quarter mile south of I-10, this asset’s location is in the heart of the Southwest Phoenix distribution market and will continue to benefit from strong local labor, improving market fundamentals, and access to the Southwestern U.S.”

Built in 2001 by Ryan, the project was named Ryan West Business Park. Shortly after completion, Ryan was awarded the NAIOP Arizona Industrial Building of the Year for the development which features tilt panel construction, high performance reflective glass, a 30-foot clear height, 59 front-loaded fully-gated and -secured docks/truck wells, 150 feet of truck maneuverability, 17,836 square feet of refrigerator/freezer space and was designed to accommodate future two-story uses.

“Having a strong credit tenant like Circle K in a portion of the building, the ability to lease the remaining 61,713 square feet and projected rental rate growth in this segment made this a strategic acquisition for the buyer,” said Strong.

This is the second acquisition Cassidy Turley has secured for Cohen in 2014 and will be the fifth industrial building purchase in the last seven months by their firm. Cassidy Turley represented them in May for the $29 million purchase of a three-property industrial portfolio, totaling 174,644 square feet and 12.31-acres, from Alliance Commercial Properties.

Cassidy Turley will retain the leasing assignment for the remaining space at the Latham property.

3701 E  University Drive

Cohen purchases industrial portfolio for $29M

Cassidy Turley announced today that Cohen Asset Management purchased a three-property, high-tech industrial portfolio in Phoenix for $29 million from Alliance Commercial Partners (ACP). Will Strong, Mike Haenel and Andy Markham, SIOR of Cassidy Turley procured the investment sale transaction, bringing the buyer, Cohen, and the seller, ACP together.

The portfolio includes three 100% NNN leased state-of-the-art, single tenant high-tech industrial assets totaling ±174,644 square feet and 12.31 acres. The buildings are located at 3601 and 3701 E. University Dr. in Phoenix and 405 W. Geneva Dr. in Tempe, Ariz. Microsemi occupies the 73,729-square-foot building at 3601 E. University, and FlipChip International occupies the adjacent 52,027-square-foot building at 3701 E. University. The 48,908-square-foot Tempe property is occupied by MedPlast. The institutionally maintained and managed three property portfolio of buildings was built between 1996 and 1998.

“All three properties are highly functional, leased long term to quality tenants and are strategically located,” Strong said.

“The high-tech nature of the properties offers exceptional features that include heavy power, abundant parking and the ability for tenants to grow within them. In addition, these assets have a Class A image, are close to an abundance of retail amenities and benefit from an extensive labor pool.”

All three properties are located in mature, established industrial areas, with the two University buildings located in Southbank Business Park that has direct access to Sky Harbor International Airport, Interstate 10, Interstate 17 and Arizona SR-143. The Geneva property is located in the Broadway Industrial Park and has excellent access to I-10 and Arizona SR-143.