Phoenix, AZ – Trammell Crow Company (TCC) Phoenix and an institutional investor have announced the sale of Tolleson Logistics Center, a 329,000-square-foot Class A industrial building located at 200 North 99th Avenue in Tolleson, Az. The building, which sits on 22.2 acres, was purchased by Cohen Asset Management and is 100% leased on a long-term basis to two international companies. The project is located in the Southwest Valley industrial submarket of Metropolitan Phoenix and was completed in 2018.
“Cohen Asset Management will benefit from the asset’s steady cash flow and favorable structural submarket fundamentals,” said Cullen Mahoney, a vice president with Trammell Crow Company Phoenix. “This deal also showcases how community goals can be aligned with financial objectives. We’re looking forward to the new VFW facility located on the site.”
The project’s state-of-the-art features include three points of ingress and egress with dedicated truck queuing lanes, 36’ clear height, cross-dock loading with 100% concrete truck courts, an ESFR sprinkler system, heavy trailer parking and automatic truck court gates. In addition, its location within the Southwest Valley submarket is highly desirable by occupiers with immediate access to Interstate 10, Interstate 17, the future Loop 202 and proximity to Sky Harbor International Airport. The project reached 100% occupancy in seven months following substantial completion. The venture donated 1.4 acres of land to the Veterans of Foreign Wars (VFW) for the development of a new facility.
Cushman & Wakefield's Will Strong represented the venture in the transaction.