Built in 2021, Class A property fully leased to global Fortune 50 company
Cushman & Wakefield has advised the disposition sale of a newly developed 145,474-square-foot freestanding Class A last-mile fulfillment/distribution facility on over 34 acres in Phoenix, Arizona. Built in 2021, the single-tenant asset is 100% leased to a global Fortune 50 e-commerce company and traded for $74.7 million.The property was developed and sold by a joint venture between Seefried Properties and a real estate fund advised by Crow Holdings Capital. The buyer was Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets. Executive Managing Director Will Strong, Senior Director Kirk Kuller, Associate Greer Oliver, and Senior Financial Analyst Connor Nebeker-Hay with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“Strategically located in the flourishing Deer Valley submarket, the property represents a ‘best-in-class’ last-mile logistics building in Metropolitan Phoenix that is supported by a high-credit global tenant,” said Will Strong, who is also a member of Cushman & Wakefield’s national Industrial Advisory Group.
Strong added, “This logistics hub provides users with outstanding access to transportation, labor, and consumers critical to the tenant’s business. Mission-critical parking and dedicated queuing lanes create long-term value with flexibility to continue providing automobile/van parking.”Located at 500 W. Pinnacle Peak Road, the property is located within minutes from I-17 and Loop 101 with six access points and excellent retail amenities in the immediate area to serve employees. Key modern features include a 32-foot clear height, ample dock/grade loading, energy-efficient lighting, and 1,081 parking spaces (a nearly 7.5/1000 parking ratio). The property’s unusual heavy parking with low coverage coupled with a fully air-conditioned building is rare compared to other nearby facilities. “New and/or Class A facilities positioned in ideal logistics locations and leased to strong credit tenants remain widely sought-after,” Greer Oliver said. “Phoenix’s warehouse and distribution sector remains hot, and growing demand for e-commerce and strong consumer spending will contribute to continued market strength.”