Investors Snapping Up Single-Tenant Industrial
Investor interest in Phoenix industrial properties has waxed and waned in recent quarters, but properties leased to a single stable tenant have stayed strong.
Recently an affiliate of LA-based Cohen Asset Management acquired the 313k SF 4550 West Watkins St from the Kansas City Life Insurance Co for $20M. “Cohen's been aggressively purchasing quality assets in Phoenix, and this is a strong addition to its portfolio,” says Colliers International EVP Don MacWilliam (left) who, along with Payson MacWilliam, repped both the buyer and seller. The distribution warehouse is 100% leased by OMCO Solar.
OMCO Solar produces custom mounting structures for commercial and utility solar applications, developing the first steel fabrication especially for the solar utility market. 4550 West Watkins St is in the Riverside tax district in Phoenix’s Lower Buckeye area. "The smaller cross-dock configuration benefits OMCO Solar,” Don says. The structure has a clear ceiling height of 30 feet, 102 dock doors and 7,200 amps of available power.
In a separate single-tenant industrial deal, LA-based R&H Investments acquired the 100k SF 5061 N 51st Ave in Phoenix from Camelback Industrial. The property is 100% occupied by United State Gypsum Corp. The property is on more than seven acres in Phoenix’s Grand Avenue industrial submarket, and USG has a 10-year lease. DTZ senior managing directors Paul Boyle and Rick Danis repped both the buyer and seller.