Cushman & Wakefield has advised US Capital Development and another institutional investor in the sale of Falcon Park 303 – Phase II, a brand new 326,018-square-foot Class A industrial building on over ±21 acres in Glendale. The freestanding building was delivered on a speculative basis in 2023 and is 100% leased to a single tenant. The building is part of a larger, new modern industrial campus totaling 925,504 SF situated on nearly ±60 acres.
MORE NEWS: AZRE’s Most Influential Women in Commercial Real Estate for 2024
Falcon Park 303 – Phase II was acquired for $50 million by EQT Exeter, the real estate division of EQT, which acquires, develops, leases, and manages logistics/ industrial, residential and office/life science properties.
Will Strong, Michael Matchett, Molly Hunt and Dean Wiley with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West (IAG-MW) team represented USCD and another institutional investor in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale as well as brokered the full-building lease with the existing tenant in Q4 2023.
The Cushman & Wakefield team played a pivotal role in the successful completion of this two-phase project. Starting in 2021, the C&W Industrial Leasing team represented USCD in identifying a defunct golf course as an industrial redevelopment site and the C&W Mountain West team secured USCD’s equity partner. The Leasing Team then represented both the Tenant and Landlord in leasing Phases I and II. In 2023, the C&W Mountain West team sold Phase I to Cohen Asset Management for $81.7M and the C&W Equity Debt Structured Financing team arranged the financing for the buyer. Finally, the C&W Mountain West team completed the process by selling Phase II to EQT Exeter.
“Through Cushman & Wakefield’s close, collaborative relationships and full-service capabilities, our cross-service, cross-market team of professionals successfully supported USCD through the entire lifecycle of this asset under their ownership,” said Will Strong.
“Phase II was another tremendous opportunity for a buyer to capitalize on a fully leased, state-of-the-art industrial building with a large and robust long-term tenant, which is well positioned alongside the equally successful adjacent Phase I building in the project,” said Will Strong. “US Capital Development has delivered a premier new industrial development this site, displaying many world-class features and functionality that has resulted in its exceptional leasing performance at 100% occupancy and strong fundamentals.”
“We believe all parties have come out on the winning end in the leases and sales of each of these timely assets, which are also among Phoenix’s finest industrial builds,” Strong closed.
Located at 15132 and 15152 West Camelback Road, respectively, Falcon Park 303 – Phase I and II are situated in a core bulk related warehouse location and are 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.
