Cohen Asset Management Acquires 100% Leased Industrial Building in Chandler, Arizona
CHANDLER, Ariz. — Sept. 10, 2026 — Cohen Asset Management has acquired a 100% leased Class A industrial and logistics building at 800 E. Germann Road in Chandler, Arizona, the Los Angeles-based private real estate investment firm announced. The property, situated in the Southeast Valley submarket of the Phoenix metropolitan statistical area, totals 113,110 square feet and is fully leased to Ferguson Enterprises for regional distribution operations.
The sellers were Oxford Properties and Sagard Real Estate. The disposition was brokered by a Cushman & Wakefield team comprising Will Strong, Jack Stamets, Molly Miller, Michael Matchett, and Madeline Warren.
Property Details and Site Features
Delivered in 2021, the building sits on approximately 8.70 acres — a roughly 30% coverage ratio — and includes 1.5 acres of secured excess yard space, 17 dock-high doors, four drive-in doors, and 176 parking spaces. The site is fully gated with efficient truck circulation, characteristics that Cohen Asset Management cited as central to its acquisition rationale.
The property is located within the Chandler Airpark industrial corridor, a supply-constrained infill pocket of the broader Phoenix market. Chandler recorded a direct vacancy rate of 7.0% in the second quarter of 2026, below the Phoenix-wide range of approximately 9.6% to 10.5%, with average direct asking rents of $1.43 per square foot — above the broader metro average of roughly $1.08 to $1.18 per square foot on a triple-net basis.
Brandon Delf on the Investment Thesis
Brandon Delf, Principal and Co-Chief Investment Officer at Cohen Asset Management, said the Phoenix MSA remains a core target market for the firm because of its population and employment growth, advanced manufacturing activity, and constraints on new infill supply.
"800 East Germann is a great example of what we target — a modern, functional building with an oversized secured concrete yard that serves real operational needs for distribution and service users," Delf said. "We believe yard-intensive product in a location like Chandler Airpark is increasingly hard to find and even harder to replace, which we believe positions this asset well over a long hold."
Phoenix Industrial Market Context
The acquisition comes as Phoenix industrial construction has slowed sharply from its recent peak. Phoenix saw approximately 8.4 million square feet of industrial space delivered in the 12 months ending in the second quarter of 2026, down roughly 71% from the 2022–2024 annual average, a deceleration that has supported pricing for existing, stabilized assets. Phoenix industrial cap rates were reported in the range of 6.6% to 6.7% in early-to-mid 2026, consistent with investor demand for fully leased properties in stronger locations.
Investment sales volume in the Phoenix industrial market reached approximately $1.1 billion in the first quarter of 2026, reflecting continued institutional capital activity despite broader market moderation. Chandler's tighter vacancy and above-average rents relative to the metro underscore the submarket's appeal for buyers targeting infill logistics real estate.
About Cohen Asset Management
Cohen Asset Management is a private real estate investment firm headquartered in Southern California with regional offices in Phoenix, Dallas, and Northern New Jersey. The firm focuses on industrial and logistics properties, including fulfillment centers, warehouse and distribution facilities, manufacturing buildings, and infill last-mile assets. The firm owns and manages approximately 21.9 million square feet of industrial space. Recent activity includes the acquisition of a 516,000-square-foot Mesa industrial park for $98 million.