Cohen Asset Management Buys Suburban Phoenix Facility

2600 Miller Road. Image courtesy of Funko Inc.

Cohen Asset Management, of Los Angeles, has acquired a newly completed, 862,622-square-foot logistics property at 2600 Miller Road in Buckeye, Ariz.

The asset is fully leased to toy maker Funko Inc., of Everett, Wash. In early April, Funko announced that it was consolidating several distribution centers in Washington to this one distribution facility in Arizona.

The acquisition’s dollar amount was not disclosed, and Cohen Asset Management did not respond to Commercial Property Executive’s request for that and other information.

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The Buckeye facility features an associate gym, green outdoor and indoor spaces, and a future retail outlet store for associates and the community. It will also include 1,500 solar panels covering more than 200 parking spaces for employees, visitors and customers, generating 1.24 million kilowatt-hours of power, according to Funko.

In a prepared statement, Funko CEO Andrew Perlmutter noted that in 2021 the company surpassed $1 billion in revenue. The company is likely best known for its vinyl, square-headed Funko Pop! figurines of characters from Star Wars, Disney, Marvel, DC Comics, Harry Potter and other pop culture franchises.

Desert heat

Barely a week ago, KORE Power, a Coeur d’Alene, Idaho–based maker of high-tech batteries, told Commercial Property Executive it will break ground this fall on KOREPlex, a $1.25 billion gigafactory in Buckeye.

The metro Phoenix industrial space market had a record-setting year for net absorption in 2021, and it’s already on pace to set a new record this year, with demand outrunning supply, according to a first-quarter report from CBRE.

So far in 2022, the Southwest Valley submarket has been responsible for about two-thirds of both the industrial net absorption and the industrial product under construction

The submarket’s overall end-of-quarter vacancy was 3.3 percent, on an inventory of 138.3 million square feet. The average asking rent was $0.65 per square foot, NNN.