"It was a must-have asset," says Michael Pollack, president and founder of his namesake firm. "I love multi-tenant buildings and at $48 per sf, it was perfect. You couldn't dream of building it for that today." He tells GlobeSt.com that he will invest $500,000 into replacing roofs, resurfacing parking lots and updating the facade of the 16.2-acre park at 3104-32 W. Thomas Rd.
Pollack has renamed the 27-year-old property Pollack West Thomas Business Park. It offers a mix of incubator, industrial and retail/showroom space in buildings ranging from 18,000 sf to 42,000 sf.
The park is 93% occupied, but it was just at 78% when it went under contract to Pollack. "We were in escrow for six months so the seller could find a 1031 property," he explains. "During escrow, we were able to improve occupancy."
Baer Racing, the largest tenant, occupies 20,000 sf. United Parcel Service fills 10,000 sf. Rent quotes run from $6 per sf to $9 per sf.
According to Pollack, West Thomas Business Park is the firm's largest acquisition in the Valley. Rick Robertson of Lee & Associates Arizona represented Pollack in the transaction while Pacific Equity Partners had independent broker, Ron Pelleg of Los Angeles, structuring its terms.
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