Cohen Asset Management Sells Phoenix, DFW Assets
More than 500,000 square feet of industrial space changed hands in two separate deals.
Cohen Asset Management has wrapped up two industrial sales totaling 508,889 square feet, comprising a Phoenix building and a 12-asset portfolio in Richland Hills, Texas.
In the Valley of the Sun, Cohen sold a 250,043-square-foot property, which debuted in 2017. The seller had acquired the warehouse from Merit Partners in 2019, in a $24.7 million transaction, Yardi Research Data shows.
The warehouse features a two-level office build-out component, as well as a clear height of 36 feet and a truck court ranging from 135 to 190 feet, in addition to 260 parking spaces. The building is fully leased to Central Admixture Pharmacy Services.
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Located at 2200 S. 43rd Ave., the asset about 6 miles from downtown and roughly 11 miles west of Phoenix Sky Harbor International Airport. Major thoroughfares within 5 miles include Loop 202 and interstates 10 and 17.
Cohen’s Texas portfolio sale
The Texas portfolio includes 12 shallow bay industrial structures—spanning 258,846 square feet— constructed in the 1970s within Midway Business Park, an 18-building campus that Cohen purchased in 2018.
The 12 buildings are at the intersection of Dogwood Park Drive and Wesley Way, roughly 29 miles west of downtown Dallas. Texas state highways 121 and 10, as well as Interstate 820, run less than 1 mile away, while the Dallas-Fort Worth International Airport operates roughly 15 miles northeast.
Tenants across the portfolio include Hyperion Electrical Contractors, Edge Construction, Lennox National Account Services, as well as Titan Partners Dallas, among others.
In 2021, Cohen Asset Management had sold 6 buildings in the same campus, totaling 138,529 square feet. These were acquired by MoxieBridge, according to Yardi Research Data.
Dallas and Phoenix both in top five for sales volume
Both Phoenix and Dallas witnessed heightened investor activity during the first five months of the year and made it in the top five metros in terms of industrial investment volume, according to the latest Yardi Matrix report.
The Metroplex clocked in second nationwide, with $1.3 billion changing hands—at an average of $97 per square foot, significantly below the national average of $133. The Valley of the Sun tallied an industrial transaction volume of $862 million, grabbing the fifth spot. Its price per square foot exceeded the U.S. average, settling at $187.
Some significant deals that closed in the markets included CIP Real Estate’s $168 million purchase of Broadway 101 Commerce Park, which spans 809,230 square feet in Mesa, Ariz., and Blackstone’s $718 million acquisition of a 6 million-square-foot portfolio, which comprised assets located mostly in Dallas and Houston.
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