Cushman & Wakefield announced the firm has arranged the sale of Koll Cotton Center, a seven-building, multi-tenant light industrial project totaling 228,605 square feet in Phoenix’s Sky Harbor submarket. The property was 98% leased at the time of sale and traded for $38 million.

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The asset was acquired by G.W. Williams Co., a privately held real estate investment company based in San Mateo, California. The seller was TerraCap Management, LLC, a commercial real estate investment manager focused on value-add real estate acquisitions.

Cushman & Wakefield’s Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group—Mountain West in collaboration with Tracy Cartledge and Robert Buckley of Cushman & Wakefield’s Capital Markets brokered the transaction.  

“TerraCap acquired Koll Cotton Center, a marquee business park, in 2021 as a value-add opportunity and completed upgrades that included new roofs, improving the exteriors, repositioning the vacant suites and more during its ownership,” said Senior Associate Molly Hunt. “G.W. Williams Co. has added a high quality, well-leased industrial asset with a highly desirable and strategic Phoenix location to its investment portfolio.”

“Light industrial properties have remained in high demand by small- to mid-size occupiers given their flexibility to accommodate a variety of industries,” added Senior Director Kirk Kuller. “And as one of the most robust and strongest performing industrial areas in Metro Phoenix, the Sky Harbor submarket is well-known and desired due to its proximity to several key freeways and logistical routes.”

“Koll Cotton Center serves as a catalyst to attract new employers to the area and offers exciting, meaningful employment opportunities in the Phoenix Sky Harbor Airport submarket. We would like to thank G.W. Williams Co. for their role and work in acquiring this outstanding light industrial property and the Cushman & Wakefield team for guiding the asset through a smooth sales process and successful close,” commented Chris Thompson, Director of Asset Management, Partner at TerraCap Management, LLC.

Located at 4050 East Cotton Center and situated on 17.8 acres at the corner of 40th Street, Koll Cotton Center is less than one mile south of I-10 and minutes from a full diamond interchange at I-10 and Loop-202 and the Phoenix Sky Harbor International Airport. In addition, the location is less than 15 miles from the BNSF intermodal rail facility in Phoenix’s West Valley. The Property provides excellent access to all points in the metro Phoenix and the greater California region via I-10.