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November 19, 2020 Comments (0) Views: 276 Phoenix, Phoenix & Southwest News

Cohen Divests Metro PHX Portfolio for $45M

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Los Angeles-based Cohen Asset Management sold a Class A industrial portfolio totaling 292,185 square feet in the Phoenix area to separate buyers for $45.35 million. The portfolio comprises two buildings in the Southwest Valley and Tempe submarkets.

The key asset in the portfolio was a 249,904-square-foot Class A warehouse/distribution facility at 8313 W. Latham St. (pictured). The single-tenant property was acquired by KKR for $31.85 million. The award-winning distribution center is fully leased on a long-term basis to Circle K.

The second asset was a 42,281-square-foot Class A industrial/showroom building located at 2077 E. University Dr. in Tempe. The single-tenant property is fully leased to a global electric vehicle and clean energy company. The asset was acquired by an unnamed California high-net worth family completing a 1031 exchange requirement that paid $13.50 million.

Cushman & Wakefield’s Will Strong and Greer Oliver represented the seller in the transactions.

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