PHOENIX — Cushman & Wakefield has arranged the sale of a last-mile industrial portfolio, totaling 491,152 square feet in Phoenix. The two-building portfolio consists of Canal Crossing, a single-tenant building totaling 155,144 square feet on 10 acres, and Riverside @ 51st, a 336,038-square-foot multi-tenant building on 19.4 acres. At the time of sale, the properties were fully occupied.
LaSalle Investment Management acquired Canal Crossing, and Link Logistics purchased Riverside @ 51st. The seller was a joint venture between a privately held national real estate company and a global investment management firm. The prices were not disclosed.
Located at 5670 S. 32nd St., Canal Crossing is fully occupied by a leading distributor of aftermarket automotive and RV equipment and accessories in North America. Built in 2015, the facility features 30-foot clear heights, a 130-foot truck court, 37 dock-high doors, two ground-level doors and ESFR sprinklers.
Located at 2300 S. 51st Ave., Riverside @ 51st is fully leased to five tenants. Built in 2007, the property features 30-foot clear heights, 135- to 185-foot truck courts, 91 dock-high doors, six ground-level doors and ESFR sprinklers.
Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group brokered the transactions. Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy of Cushman & Wakefield provided leasing advisory for the transaction.