PHOENIX — Cushman & Wakefield on Monday advised a seller in the dispositional sale of an 85,259-square-foot Class A industrial building known as Sky Harbor Center in Phoenix.
Located at 801 S. 16th St. in the heart of the Sky Harbor Airport submarket, the property was 100% leased to two tenants.
The buyer, Sealy & Company, a fully-integrated commercial real estate investment and operating company, acquired the property from an affiliate of Cohen Asset Management, Inc. which continues to be one the most active industrial investors around the Valley.
Vice Chairman Will Strong, Senior Associate Greer Oliver, Senior Director Kirk Kuller and Senior Financial Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group-Mountain West represented the seller in the transaction.
Senior Vice President Cooper Fratt, Senior Vice President John Werstler and Associate Tanner Ferrandi provided leasing advisory.
“This is a premier infill industrial asset well positioned in a Phoenix industrial market that continues to maintain exceptional fundamentals,” said Strong. “Phoenix’s industrial sector has remained strong for many years — with 2020 and 2021 seeing explosive occupancy growth — resulting in strong rent growth. These fundamentals have fueled strong investor/developer interest for industrial property in this market.”
Sky Harbor Center is situated on nearly 8 acres of leased land and features 24-foot clear heights, heavy power, 100% HVAC space, parking and a 26% coverage ratio which supports a building expansion, additional building or additional parking.
The strategic location is less than a mile to a full-diamond interchange at the Interstate 10 Freeway as well as the Sky Harbor Airport. It is also a five-minute drive to downtown Phoenix.
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