AEW Capital Management Acquires Industrial Portfolio In Tolleson For $71.5M From Martens Development

The asset involved in this transaction is a Class A industrial portfolio known as Park 91. This two-building property, located at 1950 and 2150 South 91st Avenue in Tolleson, Arizona, features a total square footage of 278,825. It was sold for a transaction amount of $71,500,000, resulting in a price per square foot of $256. The property was delivered in 2024 and includes modern logistics features, such as 32' clear height and ESFR sprinklers.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $71,500,000
• Buyer: AEW Capital Management
• Seller: Martens Development
• Broker Representatives: Will Strong, Nik Vallens, Gary Anderson, Jack Stamets, Molly Miller Hunt & Madeline Warren - Cushman & Wakefield
• Square Footage: 278,825
• Price Per Square Foot: $256
• Building 1: 2150 S 91st Ave, 102,695 SF, 23 dock-high doors
• Building 2: 1950 S 91st Ave, 176,130 SF, 42 dock-high doors

This transaction was facilitated by a team of brokers from Cushman & Wakefield, who represented the seller, Martens Development Company. AEW Capital Management made this acquisition on behalf of a separate account client, with the Nevada Public Employees' Retirement System identified as part of the buying entity, NP Park 91, LLC. The property was marketed as a 100% leased, multi-tenant investment, targeting well-located logistics assets in the Metro Phoenix industrial market.