Intercontinental Real Estate Corp./Cohen Asset Management Team To Buy Phoenix Industrial Property

By: Intercontinental Real Estate Corporation
 
 
10 W Commerce Park
10 W Commerce Park
BOSTON - June 22, 2022 - PRLog -- Intercontinental Real Estate Corporation ("Intercontinental") in joint venture with an affiliate of Cohen Asset Management  Inc. ("CAM") has acquired in an off-market transaction, 10 West Commerce Park, a new 862,622-square foot Class A logistics/distribution facility in a west suburb of Phoenix, AZ.

The property will serve as the main North American distribution and e-commerce fulfillment center for pop culture collectibles company Funko. The facility is located on an oversized 76+ acre site at Lower Buckeye Road and Miller Road in Buckeye, one of the fastest growing industrial submarkets in the Phoenix MSA.  Buckeye benefits from a robust multimodal transportation network including access to seven major interstates providing a one-day turnaround to and from the Ports of Los Angeles and Long Beach.

10 West Commerce Park features 40' clear heights, air-conditioned warehouse space, 172 dock-high doors, 60' speed bays, parking for 196 trailers and 35,585 square feet of office space. The building was designed and entitled to accommodate an additional 211,160 square feet that can be used for expansion, additional trailer or car parking, or yard space.

"The evolution of e-commerce combined with the even greater demands on today's supply chain from the last few years puts a huge premium on high-quality, well-located industrial and logistics properties," said Allen Logue, Director, Acquisitions at Intercontinental who led the acquisition.

10 West Commerce Park represents Intercontinental's fourth industrial investment in Phoenix, bringing the Boston-based private equity real estate firm's Arizona holdings to more than 1.7 million square feet of industrial space and 900 multifamily units.

"10 West Commerce Park will be a valued part of our expanding industrial portfolio in Arizona," added Jessica Levin, Senior Director, Acquisitions.  "Well located core and value-add industrial assets serving major population centers will continue to be a focus for us through 2022."

This is also the sixth investment for the Intercontinental/CAM joint venture, which together owns and/or manages 2.78 million square feet of industrial product comprised of 18 buildings throughout Arizona, New Jersey, and New York.

"Intercontinental has been a trusted joint venture partner for more than nine years," said Brandon Delf, Principal and Co-Chief Investment Officer at Cohen Asset Management.  "Combined with the quality of the asset, the low in-place rents and massive economic tailwinds from the many multi-billion-dollar manufacturing projects underway in Phoenix, looking back at the end of the lease term this may very well be our most successful project yet."

Will Strong, Mike Haenel, Andy Markham and Greer Oliver in the Phoenix office of Cushman & Wakefield represented the seller in the off-market transaction.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $19.5 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $14.5 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. Visit http://www.Intercontinental.net (https://protect-us.mimecast.com/s/WFdoCwpAAgig7LIqj_Qm?do...) for more information.

About Cohen Asset Management

Cohen Asset Management is a premier private real estate investment firm that is headquartered in Southern California with regional offices in Phoenix, Dallas, and Northern New Jersey. The firm has an established history as a prominent and active owner-operator spanning several decades with a focus on the industrial and logistics sector, including fulfillment, warehouse and distribution centers, manufacturing facilities and infill/last mile properties aimed at providing solutions for the growing 21st century e-commerce economy and global supply chain. The firm's team of seasoned real estate professionals creates value for its investors and tenants by establishing mutually rewarding relationships within the real estate community and by taking a proactive, hands-on approach to all of its investments.

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Tags:Logistics
Industry:Real Estate
Location:Boston - Massachusetts - United States
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Page Updated Last on: Jun 22, 2022
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