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Quick Industrial Flips Earn $4M

PHOENIX-A Canadian pension fund adviser makes a slam dunk with a February acquisition of a 14-building McDowell West Business Park. To date, eight have been sold to separate buyers and three are in escrow. $3.7 million

By Lee Simmons | Updated on July 29, 2004

PHOENIX-A Canadian investor has sold eight industrial buildings in the McDowell West Business Park to separate buyers, netting $3.7 million for a quick turn on a February acquisition.

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.

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