Falcon Park 303 — Phase I industrial property sells for $81.7m in Arizona

A newly constructed 599,486-square-foot class-A industrial building in Glendale, Ariz. has changed hands. The property, Falcon Park 303 — Phase I, was acquired for $81.7 million by an affiliate of Cohen Asset Management, one the most active industrial investors around the Phoenix Valley.

Falcon Park 303 — Phase I is situated in a core bulk-related warehouse location, with direct highway access to two metropolitan centers and close to the Sky Harbor International Airport. The property was built on a speculative basis in 2022 and is 100 percent leased. The freestanding building is part of a larger industrial campus totaling 925,504 square feet.

In 2021, Cushman & Wakefield assisted U.S. Capital Development (USCD), a first-class corporate industrial and office development firm, in identifying the property — which was formerly a defunct golf course — as a prospective development site. Cushman & Wakefield helped USCD source an equity partner during the COVID