Colliers International in Greater Phoenix recently completed the sale of a 313,600-square-foot cross-dock distribution warehouse in Phoenix for $20.32 million, or $64.80 per square foot.
CAM Industrial Fund Acquisition Fund, LLC, an affiliate of Cohen Asset Management Inc., of Los Angeles, Calif., purchased the property, located at 4550 West Watkins Street, from Kansas City Life Insurance Company of Kansas City, Mo.
Executive Vice Presidents Don MacWilliam and Payson MacWilliam with Colliers International brokered the transaction for the buyer and seller.
“Cohen Asset Management has been aggressively purchasing quality assets in Phoenix and this is a strong addition to the company’s portfolio,” said Don MacWilliam.
Cohen Asset Management is a private real estate investment firm that acquires, owns, develops and manages industrial properties in many major markets across the United States. The company is an active owner-operator focused almost exclusively on the industrial sector. Headquartered in Southern California, Cohen’s also has a regional office in Northern New Jersey.
The warehouse is located in the Riverside tax district in Phoenix’s lower Buckeye area. The 19.70-acre lot is situated on the northwest corner of 45th Avenue and Watkins Street. The building was developed by Kansas City Life and built by Sun State Builders of Phoenix.
“The smaller cross-dock configuration benefits the tenant, OMCO Solar,” MacWilliam said. The structure has a clear ceiling height of 30 feet, 102 dock doors and 7200 amps of available power.
The distribution warehouse is 100-percent leased by OMCO Solar, a division of OMCO Holdings of Wickliffe, Ohio. Established in 2009 in Phoenix, OMCO Solar produces custom mounting structures for commercial and utility solar applications. OMCO Solar developed the first steel fabrication especially for the solar utility market and has been assisting in innovations for solar panel design and construction since its inception.