Cushman & Wakefield has advised the joint venture of Martens Development, a Scottsdale-based real estate firm, and Dune Real Estate Partners, a leading New York-based real estate investment firm, in the dispositional sale(s) of The Landing 3, 4 and 5 (“The Landing”), a brand new Class A industrial development totaling 858,901 square feet on over 64 acres along E Ray Rd in Mesa, Arizona.
One of the largest Class A industrial parks in Metro Phoenix, the nine-building, state-of-the-art asset sold in three transactions during the first half of 2022 to a single-buyer for a combined $208 million.
An affiliate of Cohen Asset Management, a premier private real estate investment firm headquartered in Southern California with regional offices in Phoenix, Arizona, Dallas, Texas and Northern New Jersey, acquired the Southeast Valley portfolio by phase (3, 4, 5) between January and June.
The seller was represented by Cushman & Wakefield’s National Industrial Advisory Group (IAG) – Mountain West, including Vice Chairman Will Strong, Senior Associate Greer Oliver, and Senior Financial Analyst Connor Nebeker-Hay. The IAG team was joined by Chairman Adam Spies and Vice Chair Marcella Fasulo of the firm’s NY Capital Markets team. CBRE’s Senior Vice President, Kevin Cosca, provided leasing advisory.
Vice Chairman Rob Rubano and Executive Managing Director Brian Share with Cushman & Wakefield’s Equity, Debt & Structured Finance Team arranged financing for the buyer.
“A preferred location for high-tech, manufacturing, R&D and e-commerce users, The Landing is 89% leased to a strong, diversified tenant mix, and represents a trophy core asset and an extremely detailed industrial development,” said Will Strong. “Mesa’s strong market fundamentals, together with the project’s exceptional location, quality and financial profile, made this both a superior and rare investment opportunity in a sought-after submarket regionally and nationally. The steady sale of such a significant, high-profile portfolio over months speaks volumes to the consistent outlook of Phoenix’s industrial market.”