Cushman & Wakefield has announced the $5.5 million sale of an industrial facility at 200 S. 49th Ave.
Evergreen Industrial Properties, LLC, of California purchased the 114,871-square-foot building from California-based Young’s Holdings, Inc. (Young’s Market Company). Constructed in 1989, the property was previously a warehouse and office facility for Young’s Market Company in the heart of Southwest Phoenix. The property is now vacant and available for lease.
Andy Markham, SIOR, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield negotiated the sale transaction and have been retained as exclusive leasing agents for the property.
“This property offered a great investment opportunity for Evergreen,” Mr. Strong said. “Demand is increasing for mid-sized industrial facilities in the hub of Southwest Phoenix, and this building offers impressive features such as 32-foot ceiling clearance and ESFR sprinklers. Evergreen plans to modernize and upgrade the property.”
According to Mr. Markham, the property was designed as a single-user facility but could be subdivided if necessary. “The building already contains a number of attractive features, including a sizable cooler box, evaporative cooling system and gated loading area,” he said. “We anticipate strong interest from the market as we re-position this asset.” The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
