MESA, AZ-Denver-based Industrial Income Trust has purchased Broadway 101 Commerce Park, an 808,419-square-foot institutional-quality industrial development. The buyer paid $77 million to seller Lincoln Property Co. in the all-cash transaction.
The seller was represented by the Cassidy Turley team of executive vice presidents Bob Buckley, Steve Lindley and Tracy Cartledge; executive managing director Tom Powers; executive vice presidents Mike Haenel and Andy Markham; and vice president Marc Tuite. Powers works in the Cincinnati office of Cassidy Turley, while the other six brokers are in the Phoenix office.
According to a release issued by Cassidy Turley, Broadway 101 Commerce Park was built in two phases in 2005 and 2007. The asset includes 11 buildings – five warehouses, three general industrial and three office/warehouse – and was 79% leased at the time of the sale.
“Broadway 101 is one of the highest profile industrial developments in the Western Region, evidenced by the exceptional buyer interest with major institutional investors including several that were new to the Arizona market,” Buckley says in the release.
Though representatives involved with the sale were not immediately available for comment, an update to this article will soon follow.
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