Cushman & Wakefield Negotiates $14.6 Million Sale in Mesa, AZ
PHOENIX, Arizona – Cushman & Wakefield announced that Pacifica Real Estate Group of Santa Barbara, Calif. purchased Pecos Gateway Business Park, located at 8743 E. Pecos Road in Mesa, Ariz. Boomerang Capital Partners of Mesa sold the 125,896-square-foot (sf) industrial property for $14.6 million ($116 PSF).
Bob Buckley, Tracy Cartledge, and Steve Lindley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
Pecos Gateway Business Park is a three-building, multi-tenant industrial property located along Pecos Road, approximately 1.5 miles south of the Phoenix-Mesa Gateway Airport. Situated on 10.56 acres, the property features 18-23 feet clear height, 11 dock-high loading doors, 29 grade-level loading doors, and suites ranging in size from 2,000-17,500 sf.
Currently 100 percent occupied, Pecos Gateway Business Park has maintained a 92 percent average occupancy since the first quarter of 2011. Built in 2008, the property recently underwent capital improvements including a new elastomeric coating on the roof.
“Pecos Gateway is a classic multi-tenant industrial property located in the rapidly developing Gateway Airport area,” said Buckley. “Its ongoing history of high occupancy combined with its location in this dynamic market sets the stage for Pecos Gateway to be a successful investment for Pacifica.”