Cushman & Wakefield Negotiates 248,900 SF User Sale in Sky Harbor
PHOENIX, Arizona – On behalf of Young’s Market Company of Arizona, a family-owned distributor of wines, spirits and select beverages, Cushman & Wakefield recently negotiated the purchase of 402 S. 54th Place in Phoenix for $20.5 million ($82.36 PSF). The seller was Los Angeles-based Barley Equites V, LLC.
Andy Markham, SIOR, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented Young’s Market Company of Arizona. The team represented Young’s in previous site selections, including the lease at 402 S. 54th Place in 2014 and a prior distribution space at 200 S. 49th Avenue.
“As one of the leading beverage distribution companies in the country, Young’s decided to make a significant investment in the Arizona market. This centrally located facility provides for optimum distribution routes,” said Andy Markham, Executive Managing Director of Cushman & Wakefield.
The 248,900-square-foot, refrigerated/cold storage industrial building was built in 1999 and renovated in 2003. With 26 dock-high loading doors and 44 ft. clear ceiling height, the distribution asset also offers rail service by Union Pacific double-rail spur line and rail dock high loading on the south side of the building. Sitting on 18.43 acres, the property has excellent freeway accessibility with 202 freeway frontage/visibility and signage.