Cushman & Wakefield announced the firm has arranged the sale of Elwood Rising, a brand new Class A speculative industrial development totaling 120,000 square feet in Goodyear, Arizona. Located in the growing and sought-after Phoenix Southwest Valley area, the freestanding building was delivered in January and is fully leased to a global industrial field services powerhouse, which executed a long-term lease while the building was still under construction.
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Atlas Capital Partners, a multi-disciplinary real estate firm with investments across industrial, multi-family, office, and retail asset classes, headquartered in Scottsdale, AZ, constructed and sold the property to Cohen Asset Management. Based in Southern California, Cohen Asset Management, a premier private real estate investment firm, acquired the property for $21.8 million.
Cushman & Wakefield’s Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group – Mountain West represented both parties in the sale. JLL’s Pat Harlan and Kyle Westfall served as the project’s leasing team and negotiated the existing lease.
“Atlas developed, leased, and now sold a tremendous core investment property comprising brand new construction, a strong long-term tenant, and a premier location in the Phoenix Southwest Valley. This exceptional state-of-the-art facility near Loop 303 places the property in a great position for potential long-term capital appreciation and desirability within the industrial leasing markets,” said Senior Director Kirk Kuller.
Located at 3750 South 156th Avenue in the City of Goodyear Elwood Rising features an above standard state-of-the-art design featuring a massive all concrete and secured truck court with a maximum depth of 220’ feet. The building has approximately 3,600 square feet of offices, 32’ clear height, and the warehouse is fully air conditioned.
In addition, Elwood Rising is within minutes of multiple major freeways including I-85, I-10 and Loop 303. The property’s strategic location, only 10 minutes from a full diamond interchange, provides immediate access to the surrounding area and is less than a six-hour drive to the Port of Los Angeles and Long Beach.
