June 25, 2019
A 128,929-square-foot cold-storage and distribution center occupied by Sprouts Farmers Market sold to a fund sponsored by CBRE Global Investors. Cooper Fratt SIOR and John Werstler SIOR with CBRE in Phoenix represented seller ONE Properties in the $17.4 million transaction.
The facility at 5445 W. Missouri Ave. in Glendale, AZ, offers refrigeration and freezer space, along with heavy trailer parking, functional loading and excellent truck maneuverability. “The property is well-located and leased to a leading grocer, Sprouts Farmers Market,” Fratt said. “CBRE Global Investors saw an opportunity to purchase an asset class underserved in the Phoenix market. With a recent state-of-the-art expansion completed by ONE Properties, the facility should serve Sprouts’ cold-storage distribution needs for years to come.”
The buyer has been targeting cold storage as a subtype. “We are excited to expand our holdings in the sector with the addition of this asset to our portfolio,” said CBRE Global Investors’ Kim Hourihan.
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