Cohen Asset Management Buys 2 Southwest Industrial Assets
In separate transactions, the firm added more than 1.5 million square feet to its portfolio.
Cohen Asset Management has acquired a pair of Class A industrial and logistics facilities in the Dallas and Phoenix metros. In separate transactions, the firm added a 920,275-square-foot building in Dallas and a 599,486-square-foot facility in Glendale, Ariz., to its southwestern portfolio.
California-based Cohen, which focuses on owning industrial and logistics properties in certain target markets, has been recently growing its Dallas footprint and currently has 8 million square feet under management in Texas, Jason Haas, principal & co-CIO at Cohen, said in prepared remarks.
The recently purchased properties
Situated on more than 44 acres at 3351 Balmorhea Drive, the Dallas property came online in 2016 within the 300-acre DalParc Logistics Center, according to CommercialEdge data. Link Logistics sold the Class A asset that is fully leased to Amazon affiliate Amazon.com Services LLC.
The Glendale facility, located at 15132 W. Camelback Road, is fully leased to Unical Aviation, CommercialEdge data shows. The tenant is relocating its headquarters from California to Arizona and has invested significant capital in the building, Brandon Delf, principal & co-CIO at Cohen, said in a prepared statement. US Capital Development sold the 2022-completed property.
Cohen currently owns more than 7.6 million square feet of industrial space in Greater Phoenix, the same data provider shows. The firm recently acquired Building B at Peoria Logistics Park, a 157,000-square-foot Class A industrial building at 7575 W. Golden Lane in Peoria, Ariz., a Phoenix suburb that borders Glendale. That facility is leased by PepsiCo affiliate PepsiCo Real Estate.