Cushman & Wakefield has arranged the $27 million sale of AZ|60 Industrial, a two-building property totaling 225,600 square feet in Gilbert, Ariz. U.S. Trust and Bank of America Private Wealth Management facilitated the transaction on behalf of the buyer, Prime Shine. The sellers, Conor Commercial Real Estate and Globe Corp., had owned the property since 2015, according to Yardi Matrix data.
Located at 1343 N. Colorado St. in the Southeast Valley, the asset provides easy access to Interstate 10 and Phoenix International Airport. Situated on 16 acres, AZ|60 Industrial features 30-inch clear height, ample dock and grade-level loading, ESFR sprinklers and 100 percent concrete truck courts. The property, completed in 2016, can house up to 13 users, with suite sizes ranging between 9,360 and 120,700 square feet.
Executive Managing Director Will Strong led the Cushman & Wakefield Capital Markets team. Last November, another Cushman & Wakefield team arranged the sale of a 109,652-square-foot showroom in the Phoenix area.
“Due to the aggressive market conditions, AZ|60 Industrial sold for a record-breaking price per square foot and cap rate,” Strong said in prepared remarks.
JLL’s Steve Larsen and Bill Honsaker are spearheading leasing efforts at the property. AZ|60 Industrial was 92 percent leased at the time of sale.
Image courtesy of Cushman & Wakefield