Six-Building Package Brings About $9 Mil

TEMPE, AZ-Major player Cabot Industrial Trust, in an all-cash transaction, has bought a six-building portfolio in Tempe’s Broadway Business Park. The 140,000-sf buy brought in a little more than $9 million for seller Shidler Group of San Diego.

“They made a good buy,” Bob Buckley, a broker in the Phoenix office of Insigna/ESG who negotiated the sale for the Boston-based REIT, tells GlobeSt.com. “It’s one of the strongest parks in the Valley. It’s going to have long-term appeal because it’s got all the dynamics.”

The six buildings in the sale, which were 93% occupied at sale time, are located at 1102 W. Southern Ave., 645 and 849 W. 24th St., and 1219, 1233 and 1245 W. Geneva Dr. The Broadway Business Park is bound by Broadway Road, Southern Avenue, Priest Drive and Mill Avenue. It is positioned within four miles of Sky Harbor International Airport and less than a mile from Interstate 10 and Superstition Freeway. Tempe sits practically in the geographic center of the entire metropolitan area.