News

Private Real Estate Investment Firm, Cohen Asset Management, Inc. Announces the Acquisition of a 752,000 Square Foot Industrial Building with 100 Acres of Additional Land for Industrial Development in Metro Phoenix  

Los Angeles, California (June 26, 2013)

Broadway Goodyear LLC, an affiliate of industrial and commercial real estate investment firm Cohen Asset Management, Inc., announced the acquisition of a 150 acre site in Goodyear, Arizona comprised of a 752,000 square foot, institutional quality industrial building and approximately 100 acres of additional developable land. The building is the former home to a Rubbermaid manufacturing facility and is surrounded by the additional land recently zoned for industrial development.

“We are excited to expand our industrial footprint in metro Phoenix with this acquisition and, we look forward to working with the City of Goodyear and GPEC to attract users and tenants to our site,” said Brandon Delf, Executive Vice President and CIO. When fully developed, the land will accommodate up to an additional 1.7 million square feet of industrial buildings. “The Loop 303 corridor has attracted numerous companies over the last several years and given our ability to accommodate users of varying sizes while providing rail service, we look forward to competing favorably for the numerous firms seeking to locate in the Southwest Valley,” continued Mr. Delf.

Dominic Petrucci of Kairos Partners along with Pat Feeney, Dan Calihan, Joe Porter and Rusty Kennedy of CBRE who represented both the buyer and seller and were instrumental in facilitating the transaction.

The transaction is consistent with Cohen’s overall investment strategy which seeks stable, predictable cash flow coupled with opportunities to create additional value through its proven effective active asset management approach. Cohen will continue to seek out private property owners and institutions looking to monetize their equity and debt investments as a means to build upon this transaction. This property represents Cohen’s 16th acquisition in Phoenix over the past several years.

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.