CBRE negotiated a $19.75 million sale leaseback of a 130,282-square-foot single-tenant, high-tech/research and development building located at 3440 E. University Drive in Phoenix, AZ. The property is the America headquarters and global training center for ASM, a subsidiary of ASM International, N.V., one of the top 10 global semiconductor equipment manufacturers.
Mindy Korth and Barry Gabel of CBRE’s Phoenix office represented the sellers, Southbank Investments LLC and Caldwell Southbank Real Estate LLC of San Francisco, Calif., in negotiating the sale. The buyer was Artis Real Estate Investment Trust of Winnipeg, Manitoba, Canada.
“The property’s centralized location within a successful and sought-after business park submarket paired with ASM America’s long-term tenure in the building were the perfect combination for a secure investment,” explained Korth. “This was an exceptional opportunity for an investor to acquire a quality asset with long-term, stable cash flow.”
The mission-critical building is located within the premier 300-acre Southbank Business Park, a master-planned park with covenants, conditions and restrictions that maintain the area’s institutional, high-end quality and image along with heavy industrial zoning that allows for intense industrial uses, such as semiconductor production. In addition, the building is immediately south of Sky Harbor International Airport, offering ASM executives access to cities around the globe. Situated less than one mile from Interstate 10, this location also connects the company to the large and diverse labor pool of metropolitan Phoenix.
Built in 1997, ASM has occupied the property for the past 15 years, and will remain a tenant in the building on a long-term lease.