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Cushman & Wakefield Brokers Sale of 73,200 SF Class A Industrial Building in Arizona for $10 Million

3/10/2020
PHOENIX, Ariz., March 10, 2020 – Cushman & Wakefield today announced the firm has completed the sale of Progressive U.S. 60 Commerce Center, a 73,178-square-foot, Class A industrial building in Gilbert (Phoenix), Arizona.

Progressive US 60 Commerce CenterThe Voit Company acquired the multi-tenant property from Abington Emerson for $10.09 million. The building is 100% leased to Progressive Insurance and Phoenix Logistics.

Phil Haenel, Director and Will Strong, Executive Managing Director, with Cushman & Wakefield’s Phoenix office represented both buyer and seller in the transaction.

“This best-in-class asset is timeless and functional real estate and makes an outstanding addition to Voit Company’s investment portfolio,” stated Phil Haenel. “We’re thankful for the partnership with Abington Emerson and excited to assist the Voit Company in building their portfolio in the Arizona submarket.”

Located at 1405 North Fiesta Boulevard and situated on 5.20 acres in the epicenter of the prestigious Southeast (SE) Valley submarket in metro Phoenix, the strategically placed facility provides easy access anywhere in the metro area via its expansive freeway network, including the new Loop 202 South Mountain Valley Freeway, along with proximity to California—and its southern ports, Nevada, Utah, Colorado and New Mexico.

According to Cushman & Wakefield research, industrial market fundamentals remain solid in the Metro Phoenix area, fueled by robust demand and leasing activity. Overall vacancy for industrial product stood at 6.8% at year-end 2019, a decline of 60 basis points from year-end 2018. More telling is that vacancy saw this noticeable annual decrease despite undergoing the highest inventory growth in a decade.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

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Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

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