Cushman & Wakefield has advised the joint venture of Martens Development and Dune Real Estate Partners in the dispositional sale(s) of The Landing 3, 4 and 5, a new Class A industrial development totaling 858,901 square feet on more than 64 acres along East Ray Road in Mesa.
The nine-building asset sold in three transactions during the first half of 2022 to a single buyer for a combined $208 million, according to a release.
Martens Development is a Scottsdale-based real estate firm and Dune Real Estate Partners is a New York-based real estate investment firm.
An affiliate of Cohen Asset Management, a private real estate investment firm headquartered in Southern California with regional offices in Phoenix, Dallas, Texas and New Jersey, acquired the Southeast Valley portfolio by phase (3, 4, 5) between January and June.
The seller was represented by Cushman & Wakefield’s National Industrial Advisory Group - Mountain West, including Vice Chairman Will Strong, Senior Associate Greer Oliver and Senior Financial Analyst Connor Nebeker-Hay. The IAG team was joined by Chairman Adam Spies and Vice Chair Marcella Fasulo of the firm’s NY Capital Markets team. CBRE’s senior vice president, Kevin Cosca, provided leasing advisory.
Vice Chairman Rob Rubano and Executive Managing Director Brian Share with Cushman & Wakefield’s equity, debt & structured finance team arranged financing for the buyer.
“A preferred location for high-tech, manufacturing, R&D and e-commerce users, The Landing is 89% leased to a strong, diversified tenant mix and represents a trophy core asset and an extremely detailed industrial development,” Vice Chairman Strong said in the release. “Mesa’s strong market fundamentals, together with the project’s exceptional location, quality and financial profile, made this both a superior and rare investment opportunity in a sought-after submarket regionally and nationally. The steady sale of such a significant, high-profile portfolio over months speaks volumes to the consistent outlook of Phoenix’s industrial market.”
“The success of this project speaks to the quality of The Landing’s location, development, and team,” Daniel Neidich, CEO of Dune Real Estate Partners, said in the release. “Dune’s philosophy of investing in high-quality real estate with best-in-class partners is a cornerstone of our commitment to generating positive outcomes for our communities, investors and other stakeholders, and we are pleased to have completed this important transaction.”
David Martens, principal at Martens Development added, “We greatly appreciate the work from Dune, our partner on this portfolio, Cohen for their collaboration and professionalism, and the Cushman & Wakefield team for making this sophisticated portfolio sale such a seamless experience. We’re proud to have delivered this new project to help serve the industrial industry and in achieving such strong occupancy during our ownership, which is also reflective of the welcoming business environment in Mesa.”
The Landing 3 was built in 2021 and is at 7827 to 8009 E. Ray Road and consists of six light-industrial buildings and a cross-dock facility that are 100% leased. The Landing 4 was completed in 2022 and consists of a single light-industrial building at 8127 E. Ray Road totaling 235,094 square feet that is 100% leased. The Landing 5 was also completed in 2022 and consists of a 98,465-square-foot light industrial spec building at East Ray and Hawes roads that is currently vacant.
The Landing’s state-of-the art construction offers modern features and functionalities, including 36-foot clear heights, 100% concrete throughout the entire project, loading and heavy parking, ESFR sprinklers and fenced yard.
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