Westcore buys Phoenix industrial property for $12.4M
Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 148,689-square-foot, Class A industrial warehouse located at 4455 West Camelback Road in Phoenix, Arizona for $12.4 million.
The seller, Dreamfoam Bedding, doing business as Brooklyn Bedding, occupies the entire building and will lease it back from Westcore for a short period of time. The property is located in Phoenix’s Southwest Valley submarket, along U.S. Route 60 and near Interstate 17.
“This Class A, functional warehouse was built in 2015 and is well suited to the size requirements of a wide range of active users in the Southwest Valley industrial market,” said Hack Adams, managing director with Westcore. “We’re grateful to the Cushman & Wakefield team who brought us another terrific opportunity to expand our Phoenix industrial footprint.”
Westcore was represented in the transaction by Phil Haenel, Andy Markham, Mike Haenel and Will Strong of Cushman &Wakefield, while the seller was represented by Scott Backes and Rose Arck of Brydant Real Estate.
Less than one year ago, Westcore acquired a 379,828-square-foot industrial building less than 10 miles from the Camelback Road property, which it recently leased to ABB Electrification.
“Westcore continues to be an active buyer of institutional industrial real estate throughout the Western U.S. We like the dynamics of the Phoenix market, and we will continue to target this area,” Adams said.