REBusinessOnline

Cohen Asset Management Divests of Industrial Building Near Phoenix for $14.2M

464-E-Chilton-Dr-Chandler-AZ

Phoenix Packaging Operations, a subsidiary of Grupo Phoenix, occupies the 104,352-square-foot industrial building at 464 E. Chilton Drive in Chandler, Ariz.

CHANDLER, ARIZ. — Cohen Asset Management has completed the disposition of a single-tenant light industrial property located in Chandler. An affiliate of Boston-based STAG Industrial acquired the building for $14.2 million.

Situated on 8.5 acres at 464 E. Chilton Drive, the 104,352-square-foot building features 28-foot clear heights, ESFR sprinklers, five dock-high doors, four grade-level doors, low office finish and ample parking. Phoenix Packaging Operations, a subsidiary of Grupo Phoenix, occupies the property on a triple net-lease basis. The tenant has made significant improvements to the building, which was originally constructed in 2000, in both 2011 and 2017, including the installation of two additional cranes.

Mark Detmer, Ryan Sitov, Steve Larsen and Bill Honsake of JLL Capital Markets represented the seller in the deal.

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