Cushman & Wakefield Negotiates Sale of Industrial Park to California Investor
PHOENIX, AZ– Cushman & Wakefield, a global leader in commercial real estate services, announced Wednesday that Roosevelt Business Park, a four-building industrial park at 7150 W. Roosevelt in Phoenix has been sold for $14.9 million ($67 PSF).
Cushman & Wakefield Senior Vice President Gary Anderson, Senior Managing Directors Paul Boyle and Rick Danis, along with Associate Mike Gilbert negotiated the sale transaction. WLA Realty Group of Newport Beach, CA, acquired the park from Pearlman Property Management of Santa Clara, CA. The Cushman & Wakefield team has been retained to handle leasing of the business park.
Roosevelt Business Park is strategically location along Interstate10 just east of 75th Avenue in the heart of the Southwest Valley Industrial Submarket.
“Roosevelt Business Park was purchased at a significant discount to replacement value said Anderson. “The project has seen consistent rent growth over the last 12 months in a sluggish single family home building environment. These projects typically house a significant amount of companies related to the home building and construction industry. If the home building industry climbs back to a normal level, we expect to see tremendous growth in occupancy as well as rent rates. The lack of like-kind projects planned or under construction in the near vicinity bodes well for Roosevelt Business Park, too.”
Roosevelt Business Park tenants will have far better access to other parts of the valley with the upcoming construction of the Loop 202 Freeway along 59th Avenue.
“The project has real upside,” according to Mr. Anderson. “Each suite is turn-key ready, and the project has minimal deferred maintenance. The floor plans are flexible for a variety of users. We think the buyer’s timing on this acquisition in the current industrial cycle is ideal.”
Roosevelt Business Park was built in 2006 and contains approximately 223,257-square-feet of multi-tenant industrial space within four buildings. The project is currently 75% leased.