{"id":1004735360,"date":"2024-10-31T08:50:02","date_gmt":"2024-10-31T16:50:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004735360"},"modified":"2024-11-01T06:52:53","modified_gmt":"2024-11-01T14:52:53","slug":"socal-investor-buys-home-depot-return-center-for-70m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/socal-investor-buys-home-depot-return-center-for-70m\/","title":{"rendered":"SoCal Investor Buys Home Depot Facility for $70M"},"content":{"rendered":"\n<p>Cohen Asset Management has sold a 400,000-square-foot Class A cross-dock industrial building in Phoenix to Karney Properties for $69.6 million. Cushman &amp; Wakefield advised the seller.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Home-Depot-Center-in-Phoenix.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"802\" height=\"620\" data-attachment-id=\"1004735367\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/socal-investor-buys-home-depot-return-center-for-70m\/home-depot-center-in-phoenix\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Home-Depot-Center-in-Phoenix.jpg\" data-orig-size=\"802,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Home Depot Center in Phoenix\" data-image-description=\"&lt;p&gt;The Home Depot fully occupies the property at 7200 W. Buckeye Road in Phoenix. Image courtesy of Cushman &#038; Wakefield&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Home Depot fully occupies the property at 7200 W. Buckeye Road in Phoenix. Image courtesy of Cushman &#038; Wakefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Home-Depot-Center-in-Phoenix.jpg?w=802\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Home-Depot-Center-in-Phoenix.jpg\" alt=\"The Home Depot fully occupies the property at 7200 W. Buckeye Road in Phoenix. \" class=\"wp-image-1004735367\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Home-Depot-Center-in-Phoenix.jpg 802w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Home-Depot-Center-in-Phoenix.jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Home-Depot-Center-in-Phoenix.jpg?resize=768,594 768w\" sizes=\"auto, (max-width: 802px) 100vw, 802px\" \/><\/a><figcaption class=\"wp-element-caption\">The Home Depot fully occupies the property at 7200 W. Buckeye Road in Phoenix. <em>Image courtesy of Cushman &amp; Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The building is fully leased to The Home Depot for use as a return center, one of very few such facilities that the chain operates nationwide.<\/p>\n\n\n\n<p>Located at 7200 W. Buckeye Road, the property has quick access to the junction of I-10 and Loop 202. It was completed in 2009 and sits on nearly 25 acres, according to CommercialEdge data.<\/p>\n\n\n\n<p>The building features a fully air-conditioned warehouse, high-speed fans, equipment on every door, a gated yard area with a security station, about 4.5 percent of recently upgraded office space and roughly 4 acres of excess trailer parking that was customized by and for the tenant.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/will-cre-market-conditions-improve\/\">Will CRE Market Conditions Improve?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Will Strong, Michael Matchett and Molly Hunt of Cushman &amp; Wakefield\u2019s National Industrial Advisory Group \u2013 Mountain West represented Cohen Asset Management in the transaction.<\/p>\n\n\n\n<p>Based in Santa Monica, Calif., Karney Properties is a family-owned, institutionally operated real estate investor that for more than 70 years has acquired, owned, developed, financed and managed a portfolio of industrial, logistics, production and creative office properties. Most of these are in prime areas of the Los Angeles and Orange County markets, with the portfolio also expanding strategically in Phoenix and Las Vegas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rising-vacancy\">Rising vacancy<\/h2>\n\n\n\n<p>The Phoenix industrial market has seen vacancies rise across all submarkets, to an overall 12.7 percent, driven by both ongoing deliveries and growth in sublease space, according to a third-quarter report from Cushman &amp; Wakefield. This in turn has undercut asking rental rates, though these seem to have stabilized more recently.<\/p>\n\n\n\n<p>In the Southwest Valley submarket specifically, overall vacancy is 15.0 percent, with very modest net absorption of not quite 49,000 square feet in the third quarter, against an inventory of 191.5 million square feet.<\/p>\n\n\n\n<p>In January, <a href=\"https:\/\/www.commercialsearch.com\/news\/link-logistics-lasalle-expand-phoenix-industrial-holdings\/\">Bixby Land Co. sold<\/a> two fully leased, last-mile industrial properties in Phoenix totaling 491,152 square feet in separate transactions to two buyers, both brokered by Cushman &amp; Wakefield. LaSalle Investment Management acquired Canal Crossing, a 155,144-square-foot facility in the Airport submarket, and Link Logistics acquired Riverside @ 51, a 336,038-square-foot warehouse in the Southwest Valley submarket.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &#038; Wakefield represented the seller.<\/p>\n","protected":false},"author":882,"featured_media":1004735367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,1601,15],"tags":[39193,32799,37000],"class_list":["post-1004735360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-cohen-asset-management","tag-cushman-wakefield","tag-home-depot"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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