Cushman & Wakefield has advised US Capital Development, a first-class corporate industrial and office development firm, in the sale of a newly constructed 599,486-square-foot (SF) Class A industrial building in Glendale (Phoenix), Arizona. Falcon Park 303 – Phase I was built on a speculative basis in 2022 and is 100% leased. The freestanding building is part of a larger industrial campus totaling 925,504 SF.
Falcon Park 303 — Phase I was acquired for $81.7 million by an affiliate of Cohen Asset Management, Inc., which continues to be one the most active industrial investors around the Phoenix Valley.
Will Strong, Kirk Kuller, Micki Strain and Molly Hunt with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented USCD in the disposition. In 2021, the Cushman & Wakefield team also assisted USCD in originally identifying the property, formerly a defunct golf course, as a prospective development site. In addition, the team helped USCD in sourcing an equity partner during the COVID-19 pandemic to develop the project.
Cushman & Wakefield’s Mike Haenel, Andy Markham and Phil Haenel provided market leasing advisory in the disposition and, along with the firm’s Benjamin Brenner and Eddie Coxe, also handled the full-building lease with the existing tenant in Q4 2022.
A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share and Joseph Lieske also represented Cohen Asset Management, Inc. in securing $36.9 million in their acquisition financing for the property.
Executive Vice Chair Will Strong said, “This was a special core investment opportunity to capitalize on the acquisition of a fully leased, state-of-the-art industrial building with long-term tenancy. US Capital Development delivered an exceptional new industrial asset on this site, which Falcon Park 303 boasts many top-notch characteristics resulting in excellent leasing performance and strong fundamentals.”
Strong continued, “Through Cushman & Wakefield’s collaborative relationships and full-service capabilities, our teams were able to assist USCD through the entire lifecycle of this asset during their ownership. C&W helped uncover this unique site—once a golf course—as a redevelopment opportunity, found an equity party in a challenging pandemic environment, represented the landlord in their leasing efforts as well as brought them a tenant, and ultimately successfully sold the asset while also assisting the new owner secure a loan for their acquisition. We believe we have helped to create a winning position for all parties through this process.”
Located at 15132 West Camelback Rd, Falcon Park 303 – Phase I is situated in a core bulk related warehouse location, with direct highway access to two metropolitan centers and proximity to the Sky Harbor International Airport. The location is minutes from multiple major freeways including Loop 303, Loop 101 and Interstate 17. It is also less than a six-hour drive to the Port of Los Angeles and Long Beach and has complete transportation linkages via air, rail, and ground.