PHOENIX, AZ – Cushman & Wakefield, announced Thursday that Mangat Investments I, LLC has purchased a 40,081-square-foot freestanding industrial building on 3 acres of land at 7138 N. 110th Ave. in Glendale, AZ, for $2.0 million ($49.90 PSF). It also purchased 4.52 acres of additional land adjacent to the building at 7100 N. 110th Ave. for $390,000.
Cushman & Wakefield Vice President Louis Finocchiaro, SIOR, negotiated the sale transaction on behalf of the sellers, Jack Berg Family LP.
Mangat purchased the distribution/logistics property, which was built in 1993, with plans for Super Logistics, an entity of Mangat, to occupy the building in 2016. The property is leased through December 31, 2015.
“Mangat was interested in keeping the Super Logistics operation in the West Valley, and this property perfectly suited the needs of the company,” said Mr. Finocchiaro. “With the extra land purchase, they also have the flexibility desired to manage future growth needs.”
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.