In Phoenix, BlackRidge acquired a two-building distribution complex at 5302-5240 W. Buckeye Rd. totaling 219,026 square feet. The price was more than $6.57 million for the buildings, which were 82% leased at the close of escrow. BlackRidge is undertaking a major refurbishment and repositioning of the asset which will allow it to offer tenants a flexible range of mid-sized units with dock-high loading. The buildings are located to the west of downtown Phoenix in the Freeport Distribution Center in the Riverside tax district, providing a lower property tax assessment than surrounding districts.

Commenting on this purchase, Blackridge partner Ryan Martin said, “This was a unique opportunity to acquire two highly functional, well-located distribution buildings at a discount to replacement cost.” Martin cited Bo Mills and Mark Detmer of Cushman & Wakefield for assisting BlackRidge in the transaction. BlackRidge will manage the refurbishment and leasing activities with the intent of increasing both asset and lease values for the business park. The Mills and Detmer Team are actively marketing the available 38,100-square-foot unit for lease.