CBRE sells West 202 Logistics Center for $61M
CBRE has arranged the sale of the West 202 Logistics Center, a 554,331-square-foot Class A, state-of-the-art distribution facility in Phoenix. Los Angeles-based Cohen Asset Management acquired the property from Trammell Crow Company, which developed the project, for $61 million.
Rusty Kennedy, Pat Feeney, Dan Calihan, James Cohn, Bill Bayless and Andrew Brigham of CBRE in Phoenix represented Trammell Crow Company.
Situated on 37.8 acres at 3333 S. 59th Avenue in Phoenix, West 202 was completed in 2019 by Trammell Crow Company. The facility features state-of-the-art concrete tilt-up construction, an ESFR sprinkler system, 3,600 amps of power, a fully air-conditioned warehouse, 36-foot clear heights, 95-foot dock-high loading spaces and two fully secured truck courts of up to 330 feet. The property has 490 car parking spaces and 160 trailer parking spaces.
“West 202 is of the highest quality industrial product available in the market today and its location along the new Loop 202 offers unmatched access to a great labor force,” said CBRE’s Kennedy. “It was a pleasure working with Trammell Crow Company from the leasing to the subsequent sale of the property, which garnered a near-record price-per-square-foot for the market. We expect this momentum to continue in metro Phoenix in the coming months and years as developers deliver best-in-class, modern industrial product to meet the growing demand from large corporate tenants.”
West 202 offers visibility along and access to the newly completed Loop 202 extension via two full-diamond interchanges at Lower Buckeye and Broadway Roads. It also provides immediate access to Interstate 10 and the Loop 101 and is 13 miles west of Sky Harbor International Airport.
“West 202’s delivery was perfectly timed with the completion of the Loop 202 freeway, which created an ideal location for an institutional industrial project,” said Ryan Norris, Vice President of Trammell Crow Company. “It was great working with CBRE from the initial acquisition through the sale of the building. The Phoenix office of Trammell Crow Company is excited to be developing additional industrial projects into the growing Phoenix market.”
Strategically located in the epicenter of the Southwest Valley submarket, the facility is surrounded by strong corporate tenants, affordable housing, and a quality labor pool of over one-third of Metro Phoenix’s population living in the West Valley.
According to CBRE Research, metro Phoenix recorded 10.67 million square feet of net absorption during 2019, the highest annual total since 2005. The Southwest Valley submarket’s vacancy was 4.5 percent at year-end. This is a staggering decrease from where Southwest Phoenix was just five years ago, as the submarket vacancy sat at 14.0 percent.