Westcore Acquires Phoenix Industrial Property for $12.4 Million
Seller will lease back 148,689-square-foot warehouse
PHOENIX (April 14, 2020) – Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 148,689-square-foot, Class A industrial warehouse located at 4455 West Camelback Road in Phoenix, Arizona for $12.4 million.
The seller, Dreamfoam Bedding, doing business as Brooklyn Bedding, occupies the entire building and will lease it back from Westcore for a short period of time. The property is located in Phoenix’s Southwest Valley submarket, along U.S. Route 60 and near Interstate 17.
“This Class A, functional warehouse was built in 2015 and is well suited to the size requirements of a wide range of active users in the Southwest Valley industrial market,” said Hack Adams, managing director with Westcore. “We’re grateful to the Cushman & Wakefield team who brought us another terrific opportunity to expand our Phoenix industrial footprint.”
Westcore was represented in the transaction by Phil Haenel, Andy Markham, Mike Haenel and Will Strong of Cushman &Wakefield, while the seller was represented by Scott Backes and Rose Arck of Brydant Real Estate.
Less than one year ago, Westcore acquired a 379,828-square-foot industrial building less than 10 miles from the Camelback Road property, which it recently leased to ABB Electrification.
“Westcore continues to be an active buyer of institutional industrial real estate throughout the Western U.S. We like the dynamics of the Phoenix market, and we will continue to target this area,” Adams said.
Westcore is a fully integrated commercial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding in 2000, Westcore and its affiliates have acquired and managed more than $6 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles and Oakland, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.
Contact: Jennifer Whitelaw
[email protected], 619-733-5944