Berkeley Partners gets industrial portfolio in Phoenix & Chandler
Staff Reports | Digital Free Press
Cushman & Wakefield is reporting the commercial real estate firm has advised the sale of a 156,112-square-foot light industrial portfolio in Phoenix and Chandler.
The portfolio comprises three buildings and was 100% leased to four tenants at the time of sale. San Francisco-based Berkeley Partners, a fully integrated principal investment firm focused exclusively on light industrial real estate, acquired the portfolio for $25.5 million, according to a press release.
The seller was the joint venture of Bird Dog Industrial, HPI, and Long Wharf Capital. Vice Chairman Will Strong; Senior Associate Greer Oliver; and Senior Financial Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller, the release states.
Ken McQueen, Chris McClurg and Blake Peters with Lee & Associates provided market advisory.
“This is a high-quality infill light industrial portfolio that is very well positioned in two prominent and robust submarkets of Metropolitan Phoenix,” said Mr. Strong.
“Industrial market fundamentals remain outstanding in the region, maintaining a strong pace of growth and demand in 2022—the region has amassed nearly 18 million square feet of occupancy growth year-to-date, according to Cushman & Wakefield’s latest Q3 market report. These exceptional figures, which have also fueled rent growth, have led to continued investor interest.”
Mark Sonnenberg, president of Bird Dog Industrial echoed a similar sentiment.
“We purchased these buildings in 2019-20 and completed various capital improvements to enhance their marketability which worked out well for us achieving 100% occupancy last year,” he said in a prepared statement. “Now the rents are below market and provide future investment upside for Berkeley Partners, so it was a win-win for all parties.”
The portfolio consists of 235 E. Pima St. in Phoenix, which benefits from proximity to the Sky Harbor Airport submarket and within minutes of interstates 17 and 10. The other two buildings are located at 5740 W. Oakland St. and 481 N. Dean Ave. in Chandler.
