Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 164,486-square-foot, Class A industrial warehouse on 16.5 acres of land in Chandler, Arizona for $38 million. Located at 2550 North Nevada Street, the warehouse is fully leased to a leading global e-commerce company.
The tenant is maximizing the low, 23% site coverage by upgrading and paving approximately nine acres of excess land for parking, loading and outbound operations. The seller, Greenlaw, is adding an underground, two-acre retention basin in advance of the paving work.
The extensively renovated and secured warehouse distribution facility also offers 30-foot clear height, extensive power, ESFR sprinklers, ample loading and newly designed and constructed office space.
“We’ve purchased several industrial properties in Phoenix this year, partly because the city has fared well through current upheaval, with its Chandler submarket remaining very active,” said Hack Adams, managing director at Westcore. “Our ongoing relationship with Cushman & Wakefield’s industrial team created a mutual comfort level between Greenlaw and Westcore that helped bring this deal together in an uncertain time.”
Westcore was also attracted to this last-mile warehouse opportunity due to the property’s infill location. This immediate pocket of Chandler has in excess of a million residents within a three-mile radius.
Jeff Chiate, Will Strong and Mike Adey of Cushman & Wakefield represented Greenlaw in the transaction, with support from Steve Larsen of JLL, while Westcore represented itself.