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Cushman & Wakefield Brokers Sale of 83,000-SF Industrial Building in Phoenix for $5.6M

2/18/2020

PHOENIX, February 18, 2020 – Cushman & Wakefield has completed the investment sale of 46 N. 49th Ave., a vacant 82,288-square-foot (sf) industrial building in Southwest Phoenix. 

KKR (NYSE: KKR), a global investment firm in New York, acquired the property from LMI Solutions for $5.6 million. 

Phil Haenel, a Director in Cushman & Wakefield’s Phoenix office, represented the buyer in the transaction. Phil Haenel, Andy Markham, and Mike Haenel from the firm have been awarded the leasing assignment on the asset. 

Situated immediately south of 49th Avenue and Van Buren Street, the freestanding, fully fenced property features 28-foot clear height, 16 dock-high loading doors, and an evaporative cooled warehouse area on a 5.18-acre site. It is less than one mile from the I-10 Freeway and the new South Mountain Loop 202 in the center of the Southwest Valley.

Phil Haenel and Will Strong also represented KKR in the recent acquisition of neighboring Tiger Industrial Center, a two-building, 103,511-sf industrial business park at 4901 and 4929 W. Van Buren Street. It sold for $8.35 million in December of 2019.

“We’re excited to help KKR build their industrial platform in the heart of Southwest Phoenix and are looking forward to bringing the project to 100% leased. This building is a great complement to the buildings we sold KKR in December of 2019,” stated Phil Haenel. 

Market fundamentals remain strong in the Metro Phoenix area, fueled by robust demand and leasing activity. In the fourth quarter of 2019, the overall vacancy rate was 6.8%, down 60 basis points from the previous yearend. Vacancy decreased in 2019 despite the highest inventory growth in a decade, according to Cushman & Wakefield Research.

 

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.