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Coronado Business Parks I, II Corner $2.25M

PHOENIX-RREEF is the seller and a Tempe investment is the buyer of the West Phoenix properties, both single-tenant industrial buildings. Though tied in name, the assets were acquired with individual debt in the event of a future sale.

By Beverly Ford | Updated on January 09, 2003

PHOENIX-A Tempe group has grabbed two West Phoenix single-tenant industrial properties in separate deals totaling $2.25 million as part of a portfolio sell-off by one of the largest industrial building owners in the Valley.

Birtcher Arizona LLC of Tempe picked up the properties, Coronado Business Parks I and II, in a deal that allowed RREEF of San Francisco to divest of some of its Phoenix holdings while still maintaining its status as the Valley’s biggest industrial owner with more than nine million sf of space. “These were the last two parts of the puzzle that hadn’t been disposed of,” Joe Porter with CB Richard Ellis Inc.’s Phoenix office tells GlobeSt.com, referring to RREEF’s two remaining portfolio properties at 340 N. 52nd Ave. and 5102 W. McKinley St.

Porter said the buyer was able to obtain separate financing for each of the buildings, giving the investment group the option of selling each individually in the future. Porter, along with Pat Feeney and Dan Calihan, all in CB Richard Ellis’ Phoenix office, represented buyer and seller in both transactions.

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