Cushman & Wakefield announced the firm has arranged the disposition of a high-quality last mile industrial portfolio totaling 491,152 square feet (SF) in Central Phoenix. The two-building portfolio comprises Canal Crossing, a single-tenant building totaling 155,144 SF on 10 acres, and Riverside @ 51st, a multi-tenant building of 336,038 SF on 19.38 acres. The portfolio is 100% leased.
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The pair of last mile assets were sold to separate buyers. Canal Crossing was acquired by LaSalle Investment Management, and Riverside @ 51st was acquired by Link Logistics. The properties were both sold by the joint venture of a privately held national real estate company and a global investment management firm for prices undisclosed.
Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, and Molly Hunt of the firm’s National Industrial Advisory Group brokered the transactions. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel, and Foster Bundy provided leasing advisory.
“The portfolio consists of two institutional quality last mile buildings occupying core infill locations with proximity to demand drivers and customer bases. The properties benefit from immediate access to major transportation corridors, offering connectivity to multiple major markets within a single day,” said Senior Associate Molly Hunt. “These transactions provided a win-win-win outcome for all parties. The seller was rewarded after fully leasing and stewarding these quality industrial properties for many years, while the buyers have each acquired assets with attractive investment fundamentals, opportunity and anticipated future success.”
“Although there has been some recent adjusting in the industrial sector, we continue to see good investor demand in Phoenix particularly for quality logistics assets with freeway access,” said Vice Chair Phil Haenel.
Located at 5670 South 32nd Street, Canal Crossing was built in 2015 and is fully occupied by a leading distributor of aftermarket automotive and RV equipment and accessories in North America. The property is centrally located in the Airport submarket of Phoenix with proximity to I-10, AZ-143, AZ-60, I-17 and Loop-202. The property features 30’ clear height, 130’ truck court, 37 dock-high doors, two ground-level doors, and ESFR sprinklers.
Located at 2300 South 51st Avenue, Riverside @ 51st was built in 2007 and is fully leased to five tenants. The property is strategically positioned in the Southwest Valley submarket of Phoenix and benefits from proximity to Loop-202, I-10, I-17 and AZ-60. The property features 30’ clear height, 135’-185’ truck court, 91 dock-high doors, six ground-level doors, and ESFR sprinklers.
