Los Angeles, California (November 8, 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 CAM Investment 392 LLC, an affiliate of CAM acquired a 100% leased, Class A industrial building comprised of approximately 40,000 square feet situated on approximately 3.5 acres of land (~27% site coverage ratio) located at 7225 West Sherman Street in Phoenix, Arizona. The property was acquired as a short term sale-leaseback with Profile Precision Extrusions (“PPE”). PPE is currently constructing a new larger building for its operations and intends to relocate there upon completion, which is anticipated to take place in the second or third quarter of 2020.
Brandon Delf, Vice President and CIO stated, “We are excited to add another modern industrial building to our growing Phoenix portfolio as we continue to expand our footprint in the Phoenix marketplace with this acquisition. We’ve owned over 50 buildings in Phoenix and in the current investment cycle have acquired 6+ million square feet of space in the greater Phoenix 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”.