Los Angeles, California (February 28, 2020)
Cohen Asset Management, Inc. (the “Company” or “CAM)”, a private real estate investment firm focused on owning and operating industrial properties in select Target Markets, today announced that Jersey Industrial Capital LLC, an affiliate of CAM acquired a newly built 100% leased, Class A institutional quality logistics facility comprised of 554,000 square feet and situated on 20.3 acres of land (~25% site coverage ratio), located at 3333 South 59th Avenue in Phoenix, Arizona. The cross docked facility is 100% leased to Amazon.com, Inc., and includes state-of-the art features required by modern E-Commerce users, including a 42’ clear height, 95 dock high doors, 160 trailer parking stalls and large concrete truck yards up to 330 feet in depth.
“We are excited to add another 100% fully leased building, with the world’s leading E-Commerce company to our growing portfolio as we continue to expand our footprint in the Phoenix marketplace with this acquisition. Our mission is to create long‐term value as well as near term returns for our investors, and this project will be a marquee asset as we continue to pursue other strategic investment opportunities in the Phoenix marketplace”, stated Brandon Delf, Executive Vice President and CIO. This transaction is consistent with Cohen’s overall investment strategy which seeks stable, durable cash flow coupled with opportunities to create additional value through its proven effective active asset management approach.