Phoenix, Ariz. – CBRE negotiated the sale of a Class A, 230,422 square-foot industrial and distribution complex in Phoenix to CAM Industrial Fund Acquisition, LLC for $28.6 million. The seller was Phoenix-based Kitchell Development.
CBRE’s John Werstler and Cooper Fratt represented both the buyer and the seller in the transaction.
“Kitchell developed a true first-class industrial property that responds to users’ increasing demands for high-quality product in the Airport submarket,” said Werstler. “Due to the project’s location, freeway visiblity and functionality, we were able to lease the property to credit tenants.”
Located at 3345, 3555 and 3575 S. 28th St., the Freeway Logistics development encompasses three buildings featuring 30-foot clear heights, concrete truck courts, and fully secure perimeter fencing. Additionally, the project offers convenient I-10 freeway access and visibility along with direct access to Sky Harbor International Airport. The property is fully occupied by four high-quality tenants including LSG Sky Chefs, Super Shuttle International, Shred It/Stericycle, and Crescent Electric.
“When we committed to developing the site, we believed most of the property’s tenant base would be connected to Sky Harbor in some way,” said Ryan Cochran, who managed the development on behalf of Kitchell. “Super Shuttle and Sky Chefs both agreed to relocate their local operations to the property, and I think they’ll remain there for a long time.”
The property is situated along the 1-10 freeway in the heart of Phoenix’s airport submarket, offering convenient access to Phoenix Sky Harbor International Airport, one of the nation’s largest airports by passenger volume.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.