Libitzky Property Companies acquires 100% leased multi-tenant building in sought-after Southeast Valley
MESA, Ariz. – April 7, 2023 – Cushman & Wakefield announced the firm has advised MIG Real Estate, LLC in the sale of Gateway Technology Commerce Center, a two-building 138,692-square-foot Class A industrial project in Mesa (Phoenix), Arizona. The multi-tenant building was built in 2019 and is currently 100% leased to six tenants. Libitzky Property Companies acquired the property for $25.4 million.
Located at 7535 E Ray Rd, the Gateway Technology Commerce Center provides immediate adjacency to the Phoenix-Mesa Gateway Airport and freeway frontage exposure to the Loop 202.
Steve Lindley, Alexandra Loye, Eric Wichterman, and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital teams in Phoenix, together with Will Strong and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group, represented the seller.
Kevin Stiles of MIG Real Estate commented, “Gateway Technology Commerce Center is a great example of MIG Real Estate’s execution of its ongoing industrial/flex acquisition strategy – to acquire, improve and sell well-positioned assets that serve diverse metropolitan areas in the Western U.S and Sunbelt states.”
“Gateway Technology Commerce Center is a modern industrial asset desirably located in metro Phoenix’s highly sought-after Southeast Valley area. The property is supported by a strong, diverse tenant roster and is also freeway and airport-adjacent, offering a best-in-market industrial location,” said Executive Managing Director Steve Lindley. “Investors remain attracted to Phoenix Metro, which has continued to experience strong growth as one of the nation’s best-performing industrial markets.”
According to Cushman & Wakefield’s market report, Phoenix achieved more than 21.7 million square feet (MSF) of overall occupancy growth in 2022, with over 5.6 MSF coming from the Southeast Valley.