Cushman & Wakefield recently closed the off-market sale of a new 113,100-square-foot freestanding Class A industrial distribution building on approximately 8.7 acres in Chandler, Arizona. Denver-headquartered EverWest Advisors, an institutional real estate investment management firm, acquired the recently completed asset for $20 million.
The vacant property was developed and sold to EverWest by Kitchell Development Company, which acquired the land in August 2020.
“The project timeline – from design and financing to construction and disposition – was one of the fastest in our company’s 70-plus years,” said Senior Director of Development, Kevin Miller. “It’s indicative of the robust market and appeal of quality industrial product.”
Executive Managing Director Will Strong, Senior Director Kirk Kuller, Associate Greer Oliver, and Senior Financial Analyst Connor Nebeker-Hay with Cushman & Wakefield in Phoenix represented the seller. Andrew Brigham, Evan Koplan, and Serena Wedlich with CBRE provided leasing advisory.
“This asset provided a great opportunity to acquire a new, modern Class A industrial facility in the Phoenix Metro market,” said Will Strong, also a member of Cushman & Wakefield’s National Industrial Advisory Group. “Investors remain drawn to strong locations throughout Phoenix, where the market is flourishing with exceptional occupancy growth and demand. The fact this property sold fully vacant speaks to the demand and bullishness of this market.”
Located at 800 E Germann at the northwest corner of Germann and McQueen roads, the property features a ±1.5 acre fenced and secured storage yard area for additional parking, modern functionality including 30-foot clearance and immediate access to the Loop 202 freeway.