Cohen Asset Management Buys Phoenix-Area Industrial Building

March 25, 2024

Investment Industrial News Phoenix More West

Cushman & Wakefield arranged the sale of the newly completed development.

Cohen Asset Management has purchased Elwood Rising, a 120,000-square-foot Class A speculative industrial development in Goodyear, Ariz. The developer, Atlas Capital Partners, sold the freestanding building for $21.8 million.

Cushman & Wakefield brokered the transaction, working on behalf of both seller and buyer. State Farm Insurance Co. provided a $10 million loan for the property’s acquisition, according to CommercialEdge data.

At the time of the sale, Elwood Rising was fully leased to a global industrial field services powerhouse, which signed a long-term lease while the property was still under construction. JLL’s Senior Managing Directors Pat Harlan and Kyle Westfall served as the project’s leasing team and negotiated the existing lease.

Senior Director Kirk Kuller, Executive Vice Chair Will Strong, Director Michael Matchett, Senior Associates Molly Hunt and Dean Wiley were part of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team that represented both parties in the sale.

Delivered this January, Elwood Rising features a massive all concrete and secured truck court with a maximum depth of 220 feet, around 3,600 square feet of office space, 32-foot clear heights and approximately 85 parking spaces.

Phoenix demonstrates its resilience

Located at 3750 S. 156th Ave., the industrial development is within the Southwest Valley submarket. Elwood Rising is near several major freeways including Interstate 10 and Loop 303, which provide easy access across the Phoenix metropolitan area.

Last year, Cohen acquired a pair of Class A industrial and logistics facilities in the Dallas and Phoenix metros. The company added a 920,275-square-foot building in Dallas and a 599,486-square-foot facility in Glendale, Ariz., to its southwestern portfolio in two separate transactions.

Phoenix’s industrial market continues to thrive. The metro’s overall sales volume reached $1.8 billion last year, according to a recent CommercialEdge report. About 160 industrial assets changed hands in 2023, totaling more than 13 million square feet of space.

Phoenix was also the number one market for industrial development in the U.S. in 2023. As of January, more than 42.6 million square feet of industrial space was under construction in the metro, representing 11.2 percent of existing stock.