Pennybacker Capital acquires HQ through Cushman & Wakefield advisement
Staff Reports | Digital Free Press
Cushman & Wakefield has advised the sale of a fully leased 72,142-square-foot industrial property in Tempe.
Known as the Tempe Industrial Center, the freestanding building is 100% leased and serves as the headquarters to a high-end bike manufacturing company, according to a press release.
The property sold for approximately $11.5 million to Pennybacker Capital Management — a private equity firm based in Austin, Texas, the release states.
Cushman & Wakefield’s Phil Haenel, Mike Haenel, Will Strong and Andy Markham, represented the seller and buyer in the transaction.
“The property is well positioned in the South Tempe industrial submarket, where vacancy is 4%, according to Cushman & Wakefield’s latest Q3-2022 market report,” said Executive Managing Director Phil Haenel in a prepared statement. “The property is also a prime example of the many manufacturing operations and corporate headquarters Tempe houses across a variety of industries.”
Found at 6720 S. Clementine Road, the Tempe Industrial Center is near multiple freeways, including Interstate 10 just a few blocks away and close proximity to State Routes 202, 60 and 101. The location is also minutes from Sky Harbor Industrial Airport.