Cohen pays $130m for industrial building near Phoenix
Cohen Asset Management has purchased a newly constructed industrial and logistics property located at 2600 Miller Road in Buckeye, Ariz.
The sales price was estimated to be $130 million, which is considered one of the highest gross industrial building sales ever in the Phoenix area.
The seller was Creation, a real estate development and alternative investment firm headquartered in Phoenix.
The property is 100-percent leased to Funko, Inc., a toy company that plans to use the facility for its North American logistical needs.
“High-quality-mission-critical industrial and logistics properties play an even greater role in today’s supply chain, and we are excited to add this state-of-the-art facility to our growing Arizona portfolio,” said Brandon Delf, principal and co-CIO. “This investment demonstrates our ability to source quality industrial opportunities in today’s competitive environment that we believe will generate attractive stabilized yields