PHOENIX—A 66,429-square-foot industrial warehouse at 4346 E. Elwood St. in Phoenix has sold. The seller was Elwood HA, LLC (Hewson Co.) of Phoenix; the buyer was Cohen Asset Management of Los Angeles. The property sold for $5.2 million. Price per square foot for the sale was $78.25. The entire site is comprised of 4.68 acres and includes two fenced yards that total .45 acres. The building was 92% leased at the time of the transaction.
Four Lee & Associates principals helped negotiate terms of the deal: Ken McQueen and Chris McClurg represented the seller, while Matt Fredrick and Rick Lee represented the buyer. Hewson president Sean Babson assisted in the transaction.
Built in 2002, the multi-tenant building features 20-foot clear height, grade-level and truckwell loading, heavy power and 3:1,000 parking. The property is just minutes to Sky Harbor International Airport and is situated at the nexus of the Valley's freeway system with easy access to both I-10 (Maricopa Freeway) and SR 143 (Hohokam Expressway)
Hewson is a Phoenix-based real estate development and management company and has developed more than 20 million square feet of properties over their 30 years of operation. Cohen, a private real estate investment firm has been very active this year with the purchase of several large properties in the Phoenix market.
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