Cushman & Wakefield Industrial Team Sole Representative on Sale
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Avondale Commerce Center I & II, located at 1050 & 1250 N. Fairway Drive in Avondale, Ariz., for $36.25 million ($61.43 PSF). Phoenix-based Avondale Commerce Center LLC (a company formed by Presson Corp.) purchased the property from 1050-1250 N El Mirage Road-Avondale LLC (a company formed by iStar Inc.) of Dallas.
Paul Boyle, Rick Danis, Gary Anderson and Mike Gilbert of Cushman & Wakefield brokered the deal. The team has worked on the management and leasing/stabilization of the property since the current owner obtained title in 2010 and has represented both the buyer and seller in acquisitions and dispositions for over 25 years.
Comprised of 13 buildings, the 590,136-square-foot (SF), multi-tenant industrial park is situated on 47.71 acres and is currently 60% leased. Developed by RDB Development in 2008, the asset features 18-25 foot clear height, speculative office build-outs, grade level and truck well loading and I-10 frontage.
“The property can accommodate a variety of users with space requirements ranging from 2,463 SF up to 78,790 SF. Attractive features such as detail to architectural aesthetics, high office ceiling clear heights and spacious landscape grounds make Avondale Commerce Center a desirable location for tenants,” said Boyle.
With the recent completion of the Loop 303 and the expansion of the Loop 202, access to the Southwest Valley is projected to grow at a rapid pace. In addition, plans are currently underway for a freeway interchange at Fairway Drive and Interstate 10, scheduled for completion in 2021. This will create immediate access to the property making it a clear destination for users.
At the close of 2017, just under 3 million square feet of space was absorbed in the Southwest Valley and year-to-date in 2018, new housing permits are already up 10% from 2017. “Avondale Commerce Center I & II is well positioned to take advantage of the exciting growth cycle underway in the Southwest Valley,” added Boyle.