CHANDLER, AZ-Alliance Commercial Partners LLC has made its first industrial buy in the Valley, paying $30.45 million for a nine-building industrial park totaling 553,317 square feet.
The Lakewood, CO-based investor acquired the class A property, located at 450-590 North 54th St., from a joint venture comprised of RREEF America LLC and Lincoln Property Co. It teamed with American Realty Advisors to purchase the multi-tenant property in an all-cash deal that reflects a $55-per-square-foot purchase price.
The deal represents the largest industrial sale in roughly three years since Los Angeles-based FORT Properties Inc. acquired a 230,000-square-foot building from Ryan Cos. for $35.5 million, according to Mark Detmer, executive director with Cushman & Wakefield Inc.’s Phoenix office. Detmer marketed the property, which was a build-to-suit for Avnet Inc.
Detmer also represented both RREEF/Lincoln Property and Alliance Commercial Partners in the industrial portfolio deal. He partnered with Bo Mills and Will Strong of C&W’s Phoenix office, along with Jeff Cole in C&W’s Irvine, CA office.
Located at the intersection of 54th and West Galveston Streets, the industrial park was developed in 2008. It was 34% occupied at the time of sale.
Detmer tells GlobeSt.com that Alliance Commercial Partners was one of 23 investors that made offers on the industrial park. “We had offers from REITs, pension fund advisors, private equity –a variety of groups,” he says. “This deal illustrates that investors are willing to buy in Phoenix again and that they’re willing to buy vacancy.”
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