Cushman & Wakefield Negotiates Sale of Industrial Property
PHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today the $6 million ($70 PSF) investment sale of Reywest Commerce Center, a ±85,739 square foot industrial building at 3949 W. Van Buren St. in Phoenix. The buyer was Exeter Property Group from Plymouth Meeting, PA.
Will Strong, Andy Markham, SIOR, Mike Haenel and Phil Haenel of Cushman & Wakefield negotiated the sale transaction.
The Class A warehouse/distribution property is 100% NNN leased to two international credit tenants, LKQ Corporation and Berlin Packaging. The property stands out as one of the most recognizable assets in Southwest Phoenix due to its high-profile location, quality construction and proximity to major freeways. The property has 24-foot clearance, multi- or single-tenant flexibility, A-2 zoning (heavy industrial), upgraded sprinklers, a new extendable warrantied roof system and a concrete truck apron.
“The Southwest Phoenix industrial submarket continues to see strong rental rate growth in the small to mid-bay segments,” said Mr. Strong. “Reywest Commerce Center offered the buyer stable in-place tenants and the opportunity to create value as rents continue to increase.”
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.