Nuveen Sells 377 KSF Phoenix Distribution Facility
- Dec 21, 2020
Cohen Asset Management Inc. has acquired a 376,760-square-foot distribution facility in Phoenix. Nuveen Real Estate sold the Class A property dubbed Cactus Distribution Center II after purchasing it in October 2019 for $29.7 million, according to Maricopa County records.
The distribution facility occupies some 22 acres at 4747 W. Buckeye Road within the metro’s southwest industrial submarket. Completed in 2007, the single-story building with three-sided loading features a 30-foot maximum clear height, 50- by 48-foot column spacing and ESFR fire sprinklers, according to CommercialEdge.
The property is located some 6 miles from downtown Phoenix, just east of Mountain Freeway and adjacent to Amazon Fulfillment Center PHX6. The location provides easy access to interstates 10 and 17, while Phoenix Sky Harbor International Airport is 8 miles east of the facility.
During the current investment cycle, CAM has purchased more than 8 million square feet of industrial space across greater Phoenix, bringing its local footprint to roughly 30 buildings and 80 acres of developable land. In July, the company paid $30.7 million for a 325,800-square-foot logistics property located 3.5 miles west of the current acquisition.