Schnitzer Properties acquires seven-building asset in downtown Phoenix
Staff Reports | Digital Free Press
Cushman & Wakefield has advised the sale of Westech Business Center I & II, a seven-building, 225,333-square-foot, light industrial complex in Phoenix.
Found a part of the Sky Harbor Airport submarket and was 99% leased to 51 tenants at sale, Cushman & Wakefield representatives report. Portland-based Schnitzer Properties, formerly Harsch Investment Properties, acquired the complex, according to a press release.
The seller was LBA Logistics, a national real estate company focused on the ownership and operation of industrial buildings, the release states. Vice Chairs Will Strong and Jeff Chiate; Director Mike Adey; Senior Associate Greer Oliver; and Senior Financial Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller.
“Westech Business Center is a high quality, highly functional light industrial portfolio in a sought-after industrial area and consists of a strong, diverse tenant roster providing stable cash flow,” Mr. Strong said in a prepared statement. “The property offers a very strategic location at the Interstate 10 and Highway 134 intersection and is a few minutes from the Phoenix Sky Harbor International Airport. It is also very well positioned to capitalize on a tight, thriving market.”
Schnitzer Properties, which today owns and operates more than 30 million square feet of property in six states, has well over 2 million square feet of commercial property under development in the Phoenix metropolitan area, including Tucson.
“It’s always a pleasure to work with the exceptional Cushman & Wakefield team on our transactions and we greatly valued working with LBA Logistics in completing this acquisition,” said Jordan Schnitzer, president of Schnitzer Properties. “We’re thrilled to continue to grow our footprint in the Phoenix market, by adding Westech Business Center to our portfolio.”