Avondale – A company formed by Lake Washington Partners in Issaquah, Wash. (Jordan Lott, principal) paid $39.65 million ($65.66 per foot) to acquire a 603,863-square-foot distribution facility in Avondale that will be partly occupied by an affiliate of the buyer. The seller in the cash transaction was a venture formed by Trammell Crow Co. in Phoenix and Clarion Partners LLC in New York City, N.Y. BREW reported the deal in the works four weeks ago. Records show J&J Coldwater LLC (LWP entity) was the buyer and Coldwater Industrial Associates LLC (Trammell Crow/Clarion venture) was the seller. The deal was negotiated by Pat Feeney, Rusty Kennedy and Dan Calihan of CBRE in Phoenix. The acquisition included 10+ acres of excess land that can be used for future expansion. The newly-built project, called Coldwater Depot Logistics Center, is located at 1100 N. 127th Avenue. As reported by BREW, SanMar Corp., a major supplier of wholesale apparel and accessories, will occupy more than half of the building. SanMar Corp., owned by Jordan Lott’s family, is leasing 326,214 sq. ft. of the Avondale facility. The other 277,649 sq. ft. is leased to Conn’s Home Plus (NASDAQ:CONN). Continue reading
FIVE of Arizona’s newly elected public officials visit Rose Law Group
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