Cohen Asset Management Buys 406 KSF Industrial Park in Greater Phoenix

Avondale 107. Image courtesy of Cushman & Wakefield

Cohen Asset Management Investors has acquired Avondale 107, a 405,656-square-foot industrial park in Avondale, Ariz., for $71 million. Cushman & Wakefield arranged the transaction on behalf of the seller, Eisenberg Co. 

Cohen Asset Management purchased the property fully leased to a variety of tenants, including Ernest Packing Solutions and OnePointOne, a vertical indoor farming company that signed a 50,000-square-foot lease at the location in April last year. The same month, Photocentric Inc., a 3D printing materials manufacturer, also inked a 50,000-square-foot lease in one of the park’s buildings.

The industrial park consists of two 81,533-square-foot and two 121,295-square-foot buildings. The smaller facilities offer 28-foot clear heights, two grade-level doors and 15 dock-high loading doors. The larger buildings have four grade-level and 26 dock-high loading doors, 32-foot clear heights and 190-foot truck maneuverability. Avondale 107 is located within a mile of Interstate 10, providing access to Phoenix Sky Harbor International Airport. 

The Cushman & Wakefield team included Executive Managing Director Will Strong, Senior Director Kirk Kuller, Associate Greer Oliver and Analyst Connor Nebeker-Hay.

High investment activity

Cohen Asset Management has been fairly active in restructuring its Arizona portfolio over the past year. In November 2021, the company purchased a 466,694-square-foot fully leased facility in Tolleson, Ariz., which serves as a distribution center for The Home Depot. 

Also in November last year, Cohen Asset Management sold a three-property portfolio totaling 217,000 square feet in Greater Phoenix. The properties were 100 percent occupied at the time they changed hands.  

The firm has acquired more than 60 properties in Arizona to date, but has been expanding its footprint in other states as well throughout 2021. In August, Cohen Asset Management acquired a 202,629-square-foot, Class A facility in Pico Riviera, Calif. Studio Designs received $56.5 million for the fully leased property.