Tempe, Ariz (January 15, 2025) - Commercial Properties, Inc./CORFAC International (CPI), Arizona’s largest locally-owned commercial real estate brokerage, is pleased to announce two off-market industrial portfolio sales totaling 135,464 square feet just sold.
The first, Key West Business Park, is a ±96,408 square foot industrial development, which consists of four light industrial buildings. Located in the Gilbert/Queen Creek area at 700-734 N Golden Key Street, the property was 100% occupied at the time of the sale.
Cory Sposi, Kelli Jelinek, David Bean, and Cory Breinholt of The Leroy Breinholt Team at Commercial Properties Incorporated represented the Seller, Key WestPlaza, LLC out of San Diego, CA. The Breinholt Team also represented the Buyer, CenterSquare Investment Management, LLC in this deal.
This transaction is the fifth Service Industrial investment for CenterSquare in Fund V, and the first Fund V acquisition in the Phoenix market. This speaks to CenterSquare’s confidence in the Phoenix market, where we intend to grow our portfolio, and in the Service Industrial sector.
“We’re excited to expand our portfolio into a new Service Industrial market,” said Victoria Madrid, Vice President for CenterSquare’s Private Equity Real Estate vertical. “This acquisition demonstrates our ability to execute our investment thesis across varied target markets nationally, and we look forward to continued expansion in the market enabled by our streamlined process.”
Sposi commented, "Key West Business Park has been an anchor point for the Gilbert industrial market since its construction in 1986. The seller was committed to maintaining and improving the facility as a top-tier project. We were happy to be involved throughout the process and help find the perfect buyer for this product that is hard to replace in a competitive submarket.”
Key West Business Park sold for $19,050,000 ($197.59 PSF).
The second off-market deal was Harbor View Business Park, a ±39,000 square foot multi-tenant small bay industrial property, which consists of two buildings. Located at 2209-2211 West 1st Street, the property is in Tempe, Arizona which boasts strong demographics, excellent connectivity, and high barriers to entry, making it a prime market.
Cory Breinholt, David Bean, Cory Sposi, and Kelli Jelinek of The Leroy Breinholt Team at Commercial Properties Incorporated represented the Seller, First Avenue Investments, LLC. The Breinholt Team also represented the Buyer, Captiva Partners out of Solano Beach, CA in this deal.
Cory Breinholt of Commercial Properties, Inc., commented on the successful transaction, “The success of this off-market transaction reflects our firm’s commitment to building strong relationships and focusing on meeting our clients’ goals. Captiva Partners recognized the unique value of this property, and their plans for its future will make a meaningful impact in Tempe.”
Captiva plans to rebrand the property as First Street Commerce Center and implement a comprehensive value-add business plan to elevate its appeal and functionality. Planned enhancements include new signage, refreshed landscaping, exterior painting, and upgraded interiors, reflecting Captiva’s commitment to meeting the needs of today’s tenants seeking high-quality, flexible spaces.
“First Street Commerce Center represents an ideal opportunity for us to apply our proven approach to repositioning infill multi-tenant industrial properties. Its location and features align perfectly with our investment criteria,” said Brian Abers, Managing Partner of Captiva Partners. “This acquisition represents a significant milestone for Captiva Partners as we expand into one of the fastest-growing markets in the country.” Harbor View Business Park sold for $6,750,000 / $173.07 PSF.
For additional information, please contact Cory Sposi at [email protected] or (480) 621-4025, Kelli Jelinek at [email protected] or (480) 214-1109, David Bean at [email protected] or (480) 214-1105, or Cory Breinholt at [email protected] or (480) 889.2569.