$13.5 million, quietly marketed deal comes in below replacement cost
PHOENIX, ARIZONA – Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 114,871-square-foot warehouse building at 200 S. 49th St. in Phoenix, Arizona, from an owner-user party for $13.5 million ($118 PSF).
Located in Phoenix’s sought-after Southwest industrial submarket, Westcore has acquired the highly functional warehouse below replacement cost and is also building ground-up industrial properties elsewhere within the Phoenix MSA.
The seller will lease back the building for a period of time. Subsequently, Westcore plans to make cosmetic upgrades and market the property for lease in late 2022.
“We look forward to finding the right tenant for this highly functional industrial building, and we’re fortunate that the property is located in a robust market with low vacancy and high tenant demand,” said Hack Adams, Managing Director at Westcore.
Phoenix’s Southwest submarket, where the 200 S. 49th St. property is located, “saw the largest positive absorption with approximately 3.3 msf,” according to Cushman & Wakefield’s second quarter 2021 Phoenix Marketbeat report.
Mike and Phil Haenel of Cushman & Wakefield represented Westcore in this transaction, while Ben Geelan and Andrew Medley of JLL represented the seller.
Westcore acquired over $1 billion worth of industrial real estate in 2020, comprising over 11 million square feet of building space. Westcore owns property in 13 states.