The Calgary, Alberta-based pension fund adviser refurbished the buildings to add value and has been piecemeal selling the 99,226-sf industrial collection at the intersection of Interstates 10 and 17. To date, the sales have accounted for 56,309 sf in trades.
"That was their goal going in...acquire the project, add value, refurbish the entire project and sell as a portfolio," Steve Sayre, an associate director at Cushman & Wakefield of Arizona Inc.'s Phoenix office, tells GlobeSt.com.
Three additional buildings are under contract and three others are available, Sayre says. The buildings have sold for $65 per sf to $68 per sf, some occupied by the buyers and some leased. The park's rents average 45 cents per sf.
Built in the 1980s, the park was purchased for $4.7 million by McDowell West Business Park LLC in February from Maricopa County Industrial LLC, a holding company of San Francisco-based Rreef. Shortly after the sale, several buildings went under escrow and refurbishing began on the balance for the resale. The C&W team handling the disposition also includes Pat Harlan and Lindsay Erickson.
Phoenix-based Weston Properties LLC purchased two buildings: 7,760 sf and 5,838 sf, both at 1402 N. 26th Ave. Mid Valley Engineering, a manufacturer of race car transmissions, plans to lease the larger building; the other one is leased to Wonderstone Inc., a marble tile distributor.
Three more 7,760-sf buildings were sold to local firms, JLB Ventures LLC, Rochwalik Properties LLC and Harman Industries LLC. JLB bought 1444 N. 26th Ave.; Rochwalik, 1450 N. 26th Ave.; and Harman, a spa dealer, 1434 N. 26th Ave.
JLB's building will be the headquarters for Tonto Verde Contracting. Rochwalik's is leased to Associates Woodworks Inc., a custom commercial cabinetmaker. The spa dealer is an owner-occupied takedown. Leslie Zavos of Zavos & Associates represented Weston and JLB Ventures while Rochwalik had an in-house representative steering the deal. John Asher of Arizona Commericial Properties in Phoenix brokered for Harman Industries.
A 7,747-sf building at 1450 N. 26th Ave. was bought by Tamerin LLC of Phoenix in a deal brokered by Tom Knaub of Colliers International's Phoenix office. It is leased to Natpro, a transmission parts distributor.
A pair of 5,842-sf buildings at 1401-A N. 26th Ave. and 1425 N. 26th Ave. went to Standard Plumbing LLC and Ocean Foods of Arizona LLC, respectively. Andy Cloud of Grubb & Ellis/BRE Commercial in Phoenix represented the plumbing company and Mike Ciosek and Mike Millic with Colliers International in Phoenix negotiated Ocean Foods.
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