AEW buys Phoenix-area industrial park for Nevada pension fund

Article originally posted on CoStar on August 10, 2026

AEW Capital Management has acquired Park 91, a two-building, 278,825-square-foot industrial park in Tolleson, Arizona, from Martens Development for $71.5 million, or about $256 per square foot.

AEW acquired the industrial park on behalf of a separate account client. Public registry filings identify the Public Employees’ Retirement System of Nevada as the member of the recorded buying entity, NP Park 91, with AEW Capital Management as manager.

The industrial park, constructed in 2024, consists of Building 1 at 2150 S. 91st Ave. totaling 102,695 square feet, and Building 2 at 1950 S. 91st Ave. totaling 176,130 square feet. Both buildings feature 32-foot clear height, 60-foot speed bays, 220-foot building depth and 100% HVAC. Office finish in both buildings ranges from approximately 1,500 square feet to 2,600 square feet.

Will Strong, Molly Miller, Jack Stamets, Madeline Warren, Gary Anderson and Nik Vallens of Cushman & Wakefield represented both sides in the deal. Michael Matchett of Cushman & Wakefield also represented the seller.