Cushman & Wakefield Completes Lease-Up and Sale for Globe Management Company

PHOENIX, Aug. 29, 2017 – On behalf of Globe Management Company, a family-owned investment company in Paradise Valley, Arizona, Cushman & Wakefield completed the sale of 550 E. Elliot Road in Chandler, Arizona for $10.75 million. The buyer was Denver-based IPT Acquisitions LLC.

Will Strong, Mike Haenel, Andy Markham, SIOR and Phil Haenel of Cushman & Wakefield represented the seller with a record price per square foot. Previously, the team leased-up the building to its current tenant, the largest internet-based retailer in the world. The tenant was represented by Cushman & Wakefield’s Jim Wilson.

550 E. Elliot Road is a state-of-the-art, 91,204-square-foot, last mile logistic center in the Southeast Valley. In logistics terms, ‘last mile’ is the distance between a fulfillment center and the customer’s doorstep. The distribution center is well-positioned in Metro Phoenix, resulting in customer orders being picked, packed and shipped to the customer’s doorstep within the same day if orders are received before a certain cut-off time.

“This irreplaceable location, functional design and abundant amenities provide strong potential to maintain full occupancy by the U.S. Fortune 20 company and could improve projected cash flow throughout the life of the asset,” said Will Strong.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.