On behalf of Los Angeles-based Cohen Asset Management, Cushman & Wakefield and Lee & Associates completed the sale of an 188,142-square-foot industrial building located at 7822 S. 46th Street in Phoenix. Bailard of Foster City, Calif. purchased the property for $16.1 million.
Will Strong of Cushman & Wakefield, along with Rick Lee and Conner Lee of Lee & Associates, represented both parties in the deal.
The state-of-the-art industrial/flex building, situated on approximately 11.3 acres, is 100% leased to BAE Systems. Located in the highly desirable Phoenix Sky Harbor Airport submarket, this is one of the most recognizable assets in the area due to its long-term credit tenancy, high-profile location, quality high-tech interior improvements and proximity to major freeways.
The property was initially acquired by Cohen Asset Management in 1992. This property was the first of many investments made by Cohen in the Phoenix market and was the start of the company’s 35 acquisitions in the Phoenix marketplace.
“The sale of BAE Systems 46th Street building represents continued demand for well-located industrial product leased to investment grade tenants in Metro Phoenix. It has been institutionally owned, managed and maintained by one of the largest and most active investors of industrial real estate in the city,” said Will Strong.