Cushman & Wakefield: Barings acquires vacant
project developed by the The Opus Group
Staff Reports | Digital Free Press
Cushman & Wakefield has advised the seller, The Opus Group, in the sale of a newly built, 197,000-square-foot Class A industrial project known as the Tempe Warner Commerce Center.
The industrial center is atop an 18-acre infill site found at 1300 & 1330 W. Warner Road. The site was formerly an office building where The Opus Group completed a speculative transformation into a new manufacturing or distribution — including last-mile distribution — facility, according to a press release.
The property was acquired by Barings, a global investment management firm, for $42.4 million, Cushman & Wakefield officials report.
Executive Vice Chairman Will Strong; Executive Managing Director Phil Haenel; Senior Director Kirk Kuller, Associate Molly Hunt; Senior Financial Analyst Cal Conway; and Senior Marketing Lead Stephanie Saccente with Cushman & Wakefield represented the seller in the transaction.
The group also includes new hires Managing Director Micki Strain and Senior Associate Foster Bundy.
“This is a premier infill industrial asset well positioned in the Phoenix Metro which continues to maintain exceptional industrial market fundamentals. This has led to strong investor/developer interest for industrial property in this market,” Mr. Strong said in a prepared statement.
“The Opus Group is one of the leading developers in the region and their vision and skill has resulted in many successes that have produced significant market growth in the Phoenix market. They identified this office property through an off-market transaction that was excess real estate for the former tenant, acquiring the property with their own capital risk to construct new industrial product to fulfill demand. Warner Commerce Center features state-of-the-art design elements that fit the submarket well and is a highly attractive option for users.”