Cushman & Wakefield recently provided advisory services to US Capital Development (USCD) in the sale of a newly built 599,486-square-foot (SF) Class A industrial building in Glendale, Arizona to an affiliate of Cohen Asset Management, Inc.

Phase I of Falcon Park 303, the target of the US $81.7 million acquisition, was completed on a speculative basis in 2022 and forms part of a larger industrial campus totaling 925,504 SF.

Currently fully leased, Phase I is situated at 15132 West Camelback Rd and occupies a core bulk-related warehouse location, offering direct access to two metropolitan centers and close proximity to the Sky Harbor International Airport. The property benefits from its convenient location, with easy access to major freeways such as Loop 303, Loop 101, and Interstate 17.

The Cushman & Wakefield team included Executive Vice Chair Will Strong, and colleagues Kirk Kuller, Micki Strain, with Molly Hunt from the company’s National Industrial Advisory Group for the Mountain West region representing USCD. The team previously assisted USCD with identifying the property, a former golf course, as a development opportunity in 2021 – as well as sourcing an equity partner for the project during the COVID-19 pandemic.

Mike Haenel, Andy Markham, and Phil Haenel from Cushman & Wakefield provided leasing advisory services. Colleagues Benjamin Brenner and Eddie Coxe facilitated the lease of the entire building to the existing tenant in the final quarter of 2022.

The commercial real estate services firm’s Equity, Debt & Structured Finance (EDSF) team, which includes Rob Rubano, Brian Share, and Joseph Lieske, assisted Cohen Asset Management with securing acquisition financing of US $36.9 million.

This was a special core investment opportunity to acquire a fully leased, state-of-the-art industrial building with long-term tenancy.

Strong comments: “This was a special core investment opportunity to acquire a fully leased, state-of-the-art industrial building with long-term tenancy. US Capital Development has delivered an exceptional new industrial asset at Falcon Park 303, which has shown excellent leasing performance and strong fundamentals.”

“Through our collaborative relationships and comprehensive range of services, our teams supported USCD throughout the entire lifecycle of this asset. We identified this unique site, once a golf course, as a redevelopment opportunity, found an equity partner during the challenging pandemic environment, represented the landlord in leasing efforts, secured a tenant, and successfully sold the asset while assisting the new owner in securing a loan for the acquisition.

“We believe that we have created a winning position for all parties involved in this process.”