Cohen, ASB Acquire $130M Greater Phoenix Asset

Landing 3. Image courtesy of Cushman & Wakefield

An affiliate of Cohen Asset Management, in partnership with ASB Real Estate Investments, has paid $130 million for Landing 3, a seven-building, 525,342-square-foot industrial property in Mesa, Ariz. The joint venture of Martens Development Co., formerly known as Marwest Enterprises, and Dune Real Estate Partners sold the Class A asset.

According to CommercialEdge information, the Landing 3 sale is the largest and priciest industrial property that has traded in The Valley since the beginning of the year. The purchase brings Cohen’s Greater Phoenix industrial portfolio to more than 6.7 million square feet of space across 31 properties.

Cushman & Wakefield Executive Managing Director Will Strong, Associate Greer Oliver and Analyst Connor Nebeker-Hay, together with Chairman Adam Spies and Vice Chair Marcella Fasulo, assisted the seller in the disposition. Executive Managing Director Rob Rubano and Managing Director Brian Share arranged financing for the buyer.

A closer look

Situated on a 40-acre site at 7827-8009 E. Ray Road, Landing 3 came online in 2021 as part of The Landing at PMG, an 858,901-square-foot, multi-phase industrial park that was the first speculative development at Phoenix-Mesa Gateway Airport.

Marwest broke ground on The Landing’s third phase in 2020, having Ware Malcomb as architect and Willmeng Construction as general contractor. CommercialEdge data shows the developer financed the construction with a $34.6 million loan from Texas Capital Bank.

Fully leased at the time of sale, Landing 3 consists of six light industrial buildings and one cross-dock facility. The property features 36-foot clear heights, 100 percent concrete throughout the entire project and ESFR sprinklers, among others.

The property is some 33 miles from downtown Phoenix and 17 miles southeast of downtown Mesa in one of the city’s federally designated opportunity zones, just south of Loop 202. The surrounding area is home to several important industrial campuses such as the 1.1 million-square-foot Elliot 202, also developed by Marwest.

Other speculative industrial projects are ready to take off nearby; one of the largest is the 1.5 million-square-foot HUB @ 202. Wharton Industrial, in partnership with Madison Ventures Plus, intends to break ground on the 11-building development, located just west of Phoenix-Mesa Gateway International Airport, in the second quarter of 2022.