Cushman & Wakefield announced the firm has advised the sale of a freestanding industrial asset totaling 322,070 square feet in Tolleson. Located at 7980-7990 West Buckeye Road, the single-tenant facility is fully leased on a long-term basis to a leading manufacturer of foodservice products.

MORE NEWS: The 10 fastest-growing housing markets in Arizona

The property was acquired for $48.83 million by SENTRE, a vertically integrated real estate investment firm headquartered in San Diego with extensive experience in office, industrial, retail and multi-family properties. The seller was Brennan Investment Group, a Chicago-based private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States. 

Cushman & Wakefield’s Private Capital Group in Phoenix consisting of Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented the seller in the transaction.    

Phil Haenel said, “This exceptional asset features a core, stabilized industrial building located in Southwest Phoenix, a dynamic submarket with robust industrial fundamentals fueled by strong tenant demand. With a strong credit tenant committed to the property for many more years together with its premier location and modern functionality, the asset is well-positioned for long-term investment success.”

Occupying over 15 acres of the most core, infill pocket in Phoenix with proximity to key demand drivers, the property benefits from immediate access to major transportation corridors in the market, such as the ever-growing I-10 corridor, offering connectivity to greater Phoenix, the Southwest U.S. and Southern California within a 6-hour drive time. Originally built in 1988 and expanded in 2010, the property also features near ±35-foot clear height, ample loading, and heavy power.

Foster Bundy added, “According to Cushman & Wakefield’s Q3 2024 industrial market report, the Southwest Valley recorded an impressive 7.3 million square feet of occupancy growth year-to-date, outperforming all other submarkets in the thriving Phoenix Metro area by a substantial margin. The surge in demand for warehouse and logistics space in the Southwest Valley is driven by its strategic access to major transportation hubs, including railroads and the I-10, I-17, Loop 101, and Loop 202 freeways.”