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Cushman & Wakefield Advises Sale of New Best-in-Class Last-Mile Facility in Phoenix, AZ for $74.7 Million

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.”