Cohen Acquires 395 KSF Industrial Building; Liberty’s Aetna Building Awarded LEED Silver
- Mar 24, 2014
By Amalia Otet, Associate Editor
Jersey Industrial Capital L.L.C., an affiliate of Cohen Asset Management Inc., has acquired 43rd Avenue Logistics Center, a newly developed 394,775-square-foot industrial building in Phoenix.
Completed in 2013, 43rd Avenue Logistics Center is a LEED-certified, state-of-the-art distribution facility located in the southwest Phoenix industrial area. The property has rail access and is situated close to Interstates 10 and 17 as well as State Routes 143, 101, 202 and 303. The building was jointly developed by a local sponsor and a regional bank that had previously foreclosed on the site. The asset was purchased in an off-market transaction using joint venture equity funding secured by HFF. Senior managing director Paul Brindley, senior managing director Wally Reid, and associate director Jeff Sause of HFF represented the buyer.
The acquisition represents the 17th for Cohen in metro Phoenix. “Our acquisition of 43rd Avenue Logistics Center is the latest example of our capabilities in sourcing and closing well-located off-market industrial properties in vibrant infill submarkets such as this area of Phoenix,” said president & CEO Bradley Cohen. “Further, with the sale of the Rancho Cucamonga property in Southern California, we were able to recycle capital into an opportunity to create additional value for our investors in a capital-efficient and tax-efficient transaction.”
Meanwhile, Liberty Property Trust has been awarded LEED Silver certification for its newly-opened property at 4500 E. Cotton Center Blvd. (pictured at right). The two-story property is fully leased to Aetna, the diversified insurance and financial services firm.
Designed by Balmer Architecture Group, the 139,403-square-foot Class A office building was completed in 2013 and incorporates sustainable construction materials; highly efficient lighting, cooling and fan systems; and a building envelope with windows and insulation that minimize the sun’s heat. Wespac Construction served as general contractor.
Photo credit: Liberty Property Trust