Libitzky Property Companies taps Cushman & Wakefield for Mesa acquisition
Staff Reports | Digital Free Press
Cushman & Wakefield announced the firm has advised MIG Real Estate in the sale of Gateway Technology Commerce Center, a two-building 138,692-square-foot Class A industrial project in Mesa.
The multi-tenant building was built in 2019 and is 100% leased to six tenants. Libitzky Property Companies acquired the property for $25.4 million, according to a press release.
Found at 7535 E Ray Road, the Gateway Technology Commerce Center provides immediate adjacency to the Phoenix-Mesa Gateway Airport and freeway frontage exposure to the Loop 202, the release states.
Steve Lindley, Alexandra Loye, Eric Wichterman and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital worked on the real estate transaction.
“Gateway Technology Commerce Center is a great example of MIG Real Estate’s execution of its ongoing industrial/flex acquisition strategy – to acquire, improve and sell well positioned assets that serve diverse metropolitan areas in the Western U.S and Sunbelt states,” said Kevin Stiles of MIG Real Estate.
Steve Lindley, executive managing director at Cushman & Wakefield, echoed a similar sentiment around the geography of the Class A asset.
“Gateway Technology Commerce Center is a modern industrial asset desirably located in metro Phoenix’s highly sought-after Southeast Valley area. The property is supported by a strong, diverse tenant roster and is also both freeway and airport-adjacent offering a best-in-market industrial location,” said Executive Managing Director Steve Lindley.
“Investors remain attracted to Phoenix Metro, which has continued to experience strong growth as one of the nation’s best performing industrial markets.”
According to Cushman & Wakefield’s market report, Phoenix achieved more than 21.7 million square feet of overall occupancy growth in 2022, with over 5.6 MSF coming from the Southeast Valley.
