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.

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 75^th 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 59^th 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.