A fully leased industrial building in northwest Gilbert has been acquired for $11 million in an all-cash deal, according to Cushman & Wakefield.
The Ergas Group — based in Vancouver, British Columbia — bought the 48,382-square-foot manufacturing and distribution facility at 779 N. Colorado Street from Cohen Asset Management, Inc., an investment company headquartered in Los Angeles.
Phil Haenel, Will Strong, Foster Bundy and Madeline Warren of Cushman & Wakefield represented both the buyer and seller.
“This deal highlights the continued strength and desirability of the Southeast Valley industrial market,” Haenel said. “Freestanding, low-coverage facilities offering stable cash flow and significant upside potential remain highly sought after by investors. This particular property stands out due to its strategic location, highly functional design and ability to support a wide range of industrial users.”
Rigid Industries Inc. is currently leasing the space for about another year. The company manufactures and specializes in LED lights and light bars for vehicles.
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