Cushman & Wakefield announced the firm has advised the sale and leaseback of an industrial asset occupied by M Culinary Concepts in Phoenix, Arizona. Located at 20645 N 28th St., the property comprises a 31,491-square-foot cold storage and distribution facility in Phoenix’s thriving Deer Valley submarket.
The seller was M Culinary Concepts, LLC, which in conjunction with the sale signed a long-term lease back for the full facility. The buyer was RDS Investments, which acquired the property for $8.89 million.
Originally constructed in 2008, and situated on over 2.5 acres, the property is strategically located minutes from Loop 101 & State Route 51 and has excellent access to transportation and labor.
M Culinary Concepts is an Arizona-based, award-winning, conceptual hospitality brand that strives to deliver exquisite culinary experiences that surpass expectations. Conceptualized over 20 years ago by celebrity chef Michael DeMaria and business innovator Brandon Maxwell, M Culinary Concepts is a mash-up of passionate, fun making, professionals seeking to disrupt the status-quo and smash the culinary mold.Executive Managing Director Phil Haenel and Senior Associate Foster Bundy of the firm’s Private Capital Group in Phoenix represented both parties in the transaction. Vice Chairmen Andy Markham and Mike Haenel also provided leasing advisory throughout the sale.
“This was a tremendous single-tenant investment opportunity for a rare and well-maintained cold storage distribution facility—featuring unique freezer/cooler and kitchen space—that is located in a strong submarket and is supported by a long-term tenant providing stable income for many years to come,” said Phil Haenel. “This location has been a long-time home for M Culinary Concepts, which has occupied the facility since it was built nearly 15 years ago.”
According to Cushman & Wakefield’s latest market report, direct industrial vacancy in the overall Phoenix market was a healthy 4.4% with the Southwest Valley submarket, where the property is located, at 4.6%.
