News

Private Real Estate Investment Firm, Cohen Asset Management, Inc. Announces the Acquisition of a 394,775 Square Foot Industrial Building with 20.6 Acres of Land in Phoenix, Arizona  

Los Angeles, California (February 20, 2014)  

Jersey Industrial Capital LLC, an affiliate of industrial and commercial real estate investment firm Cohen Asset Management, Inc., announced the acquisition of 43rd Avenue Logistics Center, a LEED certified and new state of the art industrial distribution building located in the Southwest submarket of Phoenix, Arizona. The building was developed jointly with a local prominent developer and a regional bank that previously had foreclosed on the site.  

“Our acquisition of 43rd Avenue Logistics Center is the latest example of our capabilities in sourcing and closing well-located off-market industrial properties in vibrant infill submarkets such as this area of Phoenix,” stated Bradley Cohen, President and CEO. “The property is a best-in-class industrial building with the potential to drive rental rates on future leasing activity as we implement our marketing and management programs to lease up the facility. Further, with the sale of the Rancho Cucamonga property in Southern California, we were able to recycle capital into an opportunity to create additional value for our investors in a capital-efficient and tax-efficient transaction.”

“We are excited to expand our industrial footprint in the Phoenix marketplace with this acquisition, and we will continue to aggressively seek opportunities to acquire properties that possess superior locations and functionality for the markets they serve” said Jason Haas, Executive Vice President and COO.

This property represents Cohen’s 17th acquisition in Phoenix and is consistent with Cohen’s overall investment strategy which seeks opportunities to create additional value through its proven effective active asset management approach.

About Cohen Asset Management™
Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm. Established in 1992 and strategically headquartered in Southern California with a regional office in Northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector. The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.