On behalf of Los Angeles-based Cohen Asset Management, Cushman & Wakefield announced the firm facilitated the sale of Phoenix Airport Industrial Center, a 77,642-square-foot (sf) building in Phoenix. Denver-based EverWest Real Estate Investors purchased the asset for $8.65 million.
Executive Managing Director Will Strong led the Cushman & Wakefield Capital Markets team on the sale. He stated, “Cohen Asset Management has been the single most active investor of industrial real estate in the Phoenix market. In 2017, Cohen bought the building vacant and leased 100 percent of the building to DIRTT Environmental Solutions. Additionally, Cohen upgraded the building and is now selling it at a premium.”
Phoenix Airport Industrial Center is a premier distribution warehouse strategically located in the Phoenix Sky Harbor Airport submarket, at 824 E. University Drive. Situated on 3.94 acres, the high-quality warehouse offers an ideal environment for industrial efficiency and functionality with recent property upgrades, excellent loading capabilities, fenced truck yard and an office-to-warehouse ratio of 6.6 percent.
Phoenix Airport Industrial Center is 100% leased to DIRTT Environmental Solutions Ltd., a leading technology-driven manufacturer of highly customized interiors with innovative end-to-end customer solutions for the construction industry. With four manufacturing locations, DIRTT leases the property through May 2027.
“The property is 100 percent NNN leased to DIRTT, which provided EverWest with an excellent opportunity to purchase a long-term, single-tenant, NNN leased building in an A+ location,” added strong.
The property benefits from outstanding proximity to Phoenix Sky Harbor International Airport located within a 2-minute drive. Additionally, Phoenix Airport Industrial Center offers immediate access to the I-17 and I-10 freeways. This convenient location, together with a skilled labor pool, affordable housing, and moderate operating costs continue to propel the submarket as one of the most sought-after in the region.