A significant Tempe industrial space purchased, Cushman & Wakfield report
Staff Reports | Digital Free Press
Cushman & Wakefield advised the sale of a two-building industrial/flex office portfolio totaling 158,507-square feet in Tempe.
Found at 1100 and 1150 W. Grove Parkway, the buildings are approximately 67% leased combined. The portfolio sold to Magnolia Industrial Park, a San Diego-based private investor, according to a press release.
Chris Toci, Eric Wichterman and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital Markets teams in Phoenix represented the seller. The firm’s Jerry Roberts and Pat Boyle also provided leasing advisory.
“This is a solid value-add portfolio comprising two quality single-story flex buildings in the Southeast Valley. The buildings are heavily parked at a ratio of 7.8/1,000 sf and feature 22’ clear heights and large floor plates with open office layouts,” said Eric Wichterman, vice chairman at Cushman & Wakefield.
“The buildings contain modern and highly functional office suites that can also be converted to accommodate industrial uses—providing optionality that was essential to the new ownership.”
The Grove Parkway property includes a 54,301-square-foot building that was vacated prior to the close. Furthermore the larger facility is 78% leased to an investment grade broad line distributor of maintenance, repair and operating products in North America, Japan and the United Kingdom.
“Located near Arizona State University, in the epicenter of metro Phoenix’s high-growth technology trade area, this portfolio is well positioned in an amenity-rich environment with excellent demographics and a well-educated workforce,” said Chris Toci, executive managing director at Cushman & Wakefield. “Tenants are drawn to the Southeast Valley due to its immediate freeway access, neighboring higher education institutions, and robust amenities.”