PHOENIX, ARIZONA — Intercontinental Real Estate Corporation (“Intercontinental”) in joint venture with an affiliate of Cohen Asset Management  Inc. (“CAM”) has acquired in an off-market transaction, 10 West Commerce Park, a new 862,622-square foot Class A logistics/distribution facility in a west suburb of Phoenix, AZ.

The property will serve as the main North American distribution and e-commerce fulfillment center for pop culture collectibles company Funko. The facility is located on an oversized 76+ acre site at Lower Buckeye Road and Miller Road in Buckeye, one of the fastest growing industrial submarkets in the Phoenix MSA.  Buckeye benefits from a robust multimodal transportation network including access to seven major interstates providing a one-day turnaround to and from the Ports of Los Angeles and Long Beach.

10 West Commerce Park features 40’ clear heights, air-conditioned warehouse space, 172 dock-high doors, 60’ speed bays, parking for 196 trailers and 35,585 square feet of office space. The building was designed and entitled to accommodate an additional 211,160 square feet that can be used for expansion, additional trailer or car parking, or yard space.

“The evolution of e-commerce combined with the even greater demands on today’s supply chain from the last few years puts a huge premium on high-quality, well-located industrial and logistics properties,” said Allen Logue, Director, Acquisitions at Intercontinental who led the acquisition.

10 West Commerce Park represents Intercontinental’s fourth industrial investment in Phoenix, bringing the Boston-based private equity real estate firm’s Arizona holdings to more than 1.7 million square feet of industrial space and 900 multifamily units.

“10 West Commerce Park will be a valued part of our expanding industrial portfolio in Arizona,” added Jessica Levin, Senior Director, Acquisitions.  “Well located core and value-add industrial assets serving major population centers will continue to be a focus for us through 2022.”

This is also the sixth investment for the Intercontinental/CAM joint venture, which together owns and/or manages 2.78 million square feet of industrial product comprised of 18 buildings throughout Arizona, New Jersey, and New York.

“Intercontinental has been a trusted joint venture partner for more than nine years,” said Brandon Delf, Principal and Co-Chief Investment Officer at Cohen Asset Management.  “Combined with the quality of the asset, the low in-place rents and massive economic tailwinds from the many multi-billion-dollar manufacturing projects underway in Phoenix, looking back at the end of the lease term this may very well be our most successful project yet.”

Will Strong, Mike Haenel, Andy Markham and Greer Oliver in the Phoenix office of Cushman & Wakefield represented the seller in the off-market transaction.

SCOTTSDALE, ARIZONA  – LevRose CRE/TCN Worldwide brokers facilitated deals in May totaling $22.8 million and 136,636 SF.

The top transactions for May:

Partners Danielle Davis and Trent McCullough; Vice President Mark Cassell; and Advisors Matt Beeks and Branden Mondragon represented the seller, Scottsdale Drinkwater Trust, in the $5.3 million sale of a 6,582 SF office at 4250 N. Drinkwater Blvd., Scottsdale. The buyer was Drinkwater Commercial Investments LLC.

Partners Danielle Davis and Trent McCullough and Advisor Branden Mondragon represented the landlord, Hudye Group, in the $4.9 million sale of an 11,160 SF retail building at 4333 N. Scottsdale Road, Scottsdale. The buyer was Galleria Triangle, LLC.

Partners Danielle Davis and Trent McCullough; Vice President Mark Cassell; and Advisor Matt Beeks represented the seller, Ocotillo Strategic Alliance LLC, in the $3.9 million sale of a 5,294 SF retail/office building at 3225 S. Alma School Road in Chandler. The buyer was Ocotillo Commercial Strategies LLC.

Partner Matt Leonard and Vice President Jeff Tricco represented the seller, FIFO, LLC, in the $3.45 million sale of a 68,187 SF medical office building at 560 W. Brown Road in Mesa. The buyer was 560 Brown Apartments, LLC.

Partners Zak Kottler and Joe Cosgrove and Senior Advisor Hunter Chasse represented the buyer, Kamani Properties 5001, LLC, in the $2.96 million acquisition of a 5,958 SF office building at 5001 N. Granite Reef Road, Scottsdale. The seller was Purple Feline Properties, LLC.

Vice President Mark Cassell and Advisors Landon McKernan and Matt Beeks represented the seller, Venus I, LLC, in the $2.3 million sale of a 10,440 SF industrial building at 707 E. Curry Road, in Tempe. The buyer was the Colyer Trust.

PHOTO: 3225 S Alma School Rd., Chandler, AZ

PHOENIX, ARIZONA — Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $21 million sale of Rise on Thomas, a 100-unit garden style multifamily community located at 2735 East Thomas Road. Northmarq represented the seller, Rise Thomas LLC, a Phoenix-based private investment entity. The buyer was Summit on Thomas, LLC, a private investment company from Millbrae, California.

 “The buyers secured a complex with significant upside potential that can be achieved by completing the property’s interior renovation program in the remaining units,” according to Jesse Hudson. “41% of the units were recently upgraded, resulting in rental premiums averaging $200 per unit.”

Built in 1969, Rise on Thomas includes studio, one- and two-bedroom units that range in size from 475 to 995 square feet. Community amenities include two swimming pools, a spa, two fitness centers and gated access. The renovated units include quartz countertops, new cabinets and flooring, stainless steel appliances and in-unit washer and dryer. The property was 91% leased at the time of sale.

Rise on Thomas’ central location is minutes from some of the top employment corridors in the Valley with over 25,700 businesses within five miles of the property. A prominent healthcare corridor, approximately 30,000 healthcare and social assistance jobs are in the area immediately surrounding the property. Several prominent healthcare employers in the area are Phoenix Children’s Hospital  Abrazo Heart Hospital and the corporate headquarters of Banner Health, located at Thomas Road and Central Avenue. Rise on Thomas offers easy access to Downtown and Midtown Phoenix as well as several retail and entertainment options including Biltmore Fashion Park, Town & Country Mall and Camelback Colonnade.