HFF announced today that it has secured joint venture equity for the acquisition of 43rd Avenue Logistics Center, a new state-of-the-art, 394,775-square-foot industrial facility located in Phoenix.
HFF worked on behalf of the buyer, Cohen Asset Management, in arranging the joint venture equity in an off market transaction. Equity proceeds were used to purchase the property.
The 43rd Avenue Logistics Center is located in the southwest Phoenix industrial area, a warehouse district popular with large and smaller scale distribution and manufacturing companies. The property has rail access and is situated close to Interstates 10 and 17 as well as State Routes 143, 101, 202 and 303. Completed in 2013, the property is LEED certified and was developed jointly with a local prominent developer and a regional bank that had previously foreclosed on the site.
The HFF team representing Cohen Asset Management was led by senior managing director Paul Brindley senior managing director Wally Reid and associate director Jeff Sause.
Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm. Established in 1992 and strategically headquartered in Southern California with a regional office in northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector. The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.
