Cushman & Wakefield Completes Lease-Up and Sale for Globe Management Company
PHOENIX, Arizona -- On behalf of Globe Management Company, a family-owned investment company in Paradise Valley, Arizona, Cushman & Wakefield completed the sale of 550 E. Elliot Road in Chandler, Arizona for $10.75 million ($118 PSF). The buyer was Denver-based IPT Acquisitions LLC.
Will Strong, Mike Haenel, Andy Markham, SIOR and Phil Haenel of Cushman & Wakefield represented the seller with a record price per square foot. Previously, the team leased-up the building to its current tenant, the largest internet-based retailer in the world. The tenant was represented by Cushman & Wakefield’s Jim Wilson.
550 E. Elliot Road is a state-of-the-art, 91,204-square-foot, last mile logistic center in the Southeast Valley. In logistics terms, ‘last mile’ is the distance between a fulfillment center and the customer’s doorstep. The distribution center is well-positioned in Metro Phoenix, resulting in customer orders being picked, packed and shipped to the customer’s doorstep within the same day if orders are received before a certain cut-off time.
“This irreplaceable location, functional design and abundant amenities provide strong potential to maintain full occupancy by the U.S. Fortune 20 company and could improve projected cash flow throughout the life of the asset,” said Will Strong.