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.