PHOENIX — Cushman & Wakefield on Tuesday advised Cohen Asset Management Inc. in the sale of a 230,385-square-foot Class A industrial complex on 19 acres in Phoenix.
Built in 2017, the Freeway Logistics Center is a three-building, multitenant project that provides frontage along Interstate 10 in the Sky Harbor Airport industrial submarket. The buyer was CBRE Investment Management.
Vice Chairman Will Strong, Senior Associate Greer Oliver and Senior Financial Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group-Mountain West represented the seller.
“Freeway Logistics Center is a first-class, core industrial park that is highly functional, extremely well located, and perfectly positioned to capitalize on a very tight market that maintains extraordinary industrial fundamentals driven by robust net growth,” said Strong. “Adding to its attractiveness, the asset is 100% leased to four tenants including multiple international credit tenants.
“A lack of available land and space options, coupled with escalating land and construction pricing, has created major constraints in the Sky Harbor Airport submarket of Metro Phoenix. An infill location like this is very difficult to replicate in today’s market,” Strong added.
Freeway Logistics Center is at 3545, 3555 and 3575 S. 28th Street, directly off Interstate 10 and close to Interstate 17 as well as Sky Harbor International Airport. Several other freeway routes are also nearby.
The property features Class A design attributes including 30-foot clear heights, heavy industrial zoning, excellent loading with concrete truck courts, additional yard (2.1 acres), ESFR sprinkler systems, trailer parking, and a fully secured and gated property.