Cohen Asset Management Expands Phoenix Industrial Footprint
- Jul 09, 2020
Kansas City Life Insurance has found a repeat buyer through Cohen Asset Management for its 325,800-square-foot industrial property in Phoenix. Cohen purchased the property through its affiliate Kaiser Industrial LLC for $30.7 million. Colliers International’s Payson MacWilliam, Don MacWilliam and Chris Reese from the Arizona office handled the sale.
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Located at 7400 W. Buckeye Road, the Class A industrial building has nearby access to Interstates 10 and 17 and Highway 202. The property is fully occupied by two tenants, including logistics company OnTrac, with a 236,200-square-foot lease, and LA Specialty Produce Co., with the remaining 89,600 square feet. Payson MacWilliam told Commercial Property Executive that the property was built on an 18.7-acre site and includes 32-foot clear heights, ESFR sprinklers, 359 auto parking spots and 92 trailer parking spaces.
Cohen’s acquisition of 7400 W. Buckeye Road is its second purchase from Kansas City Life Insurance, Payson MacWilliam said in his prepared remarks. Payson MacWilliam told CPE that Cohen purchased 4550 W. Watkins St., also in Phoenix, for $20.3 million in July 2015 from the insurance company that developed both buildings.
On top of the two Phoenix assets, the company has been steadily growing its industrial portfolio throughout Arizona. In August 2019, the company purchased a 329,000-square-foot industrial property in Tolleson, Ariz., from Trammell Crow Co. In total, Cohen currently has 30 buildings throughout 68 acres of industrial zoned land.
Brandon Delf, Cohen’s vice president & CIO, said in prepared remarks that the company will continue to look for other investment opportunities in the Phoenix marketplace. He added in his prepared statement that Cohen is aggressively seeking acquisitions that have strong locations and functionality in their markets.