Cushman & Wakefield Advises Sale/Leaseback of Phoenix Paver Headquarters and Production Facilities
Cushman & Wakefield today announced the firm has represented Phoenix Paver, a privately-owned manufacturer of residential and commercial pavers, in the sale/leaseback of the company’s headquarters and production facilities in Phoenix, Arizona. Comprising four neighboring properties in the airport area, the asset consists of approximately 73,000 square feet of structures situated on a total of 14.5 acres.
The buyer, an individual investor with the surname, Wilcox, based in the Greater Los Angeles area, acquired the asset for $14 million. Subsequent to the sale, Phoenix Paver signed a long-term lease for the entire property(s). Bob Buckley, Tracy Cartledge and Chris Hollenbeck of Cushman & Wakefield’s Capital Markets in Phoenix represented Phoenix Paver in the transaction.
“This was an excellent opportunity for an investor to acquire a secure, long-term income property in a prime location in the Central Avenue corridor just south of downtown Phoenix,” said Chris Hollenbeck, Executive Director. “Founded in 2005, Phoenix Paver has achieved tremendous growth in overall sales volume, experiencing positive annual sales growth every year since its inception. The company intends to use the proceeds from the sale of this asset to pay off all existing debt plus fund future growth.”
The Phoenix Paver sites include three paver manufacturing facilities, one serving as the company’s headquarters, plus a warehouse facility. The locations include 515 & 545 Elwood Rd (Plant One), 301 Elwood St (Plant Two and Headquarters), 101 W Elwood St (Plant Three), and 314 W West Rd (Warehouse Facility and Future Plant 4).
The facilities are in the heart of the metro area, 1.5 miles south of downtown Phoenix and one mile south of Interstate 17, with Interstate 10 and the Phoenix Sky Harbor International Airport within a few miles. Additionally, the anticipated completion of the 5.5-mile South Central light rail extension in 2024 will add two stations within a half-mile.
Bob Buckley said; “The acquisition of Phoenix Paver’s facility provides long term security in an area poised to experience significant growth as investment capital continues to acquire land for industrial, commercial and multifamily use. The long-term prospects for this site are significant.”