Los Angeles, California (January 29, 2019)
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 Novi Industrial Capital LLC, an affiliate of CAM acquired a 100% leased, Class A industrial building comprised of approximately 2500,000 square feet situated on approximately 16 acres of land located at 2200 South 43rd Avenue in Phoenix, Arizona. The property is 100% leased to Central Admixture Pharmacy Services (“CAPS”) through December 2027 at an in-place rental rate that, in CAM’s opinion, is below current market rents. CAPS is a wholly owned subsidiary of B. Braun Melsungen AG (“BBraun”), a 180-year old private German company.
Brandon Delf, Vice President and CIO stated, “We are excited to add a fully leased modern industrial building to our growing portfolio as we continue to expand our footprint in the Phoenix marketplace with this acquisition. We believe the investment provides a compelling core investment with an opportunity to create significant additional value upon expiration of the below market lease. In growing our Phoenix portfolio, we continue to leverage CAM’s well-established operational platform to uncover attractive investment opportunities in the highly sought-after Phoenix industrial market.” Mr. Delf went on to state, “Our mission is to create long‐term value as well as near term income returns for our investors, and this project will be a prominent addition to our portfolio as we continue to pursue other strategic investment opportunities in the Phoenix marketplace”.
This 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.