PHOENIX—Lee & Associates announces the sale of the two-building Superstition Springs Business Park at 7307 and 7427 E. Hampton Ave. in Mesa for $14 million. Total square footage for the project was 101,411.
Lee & Associates Arizona brokers facilitated both sides of the deal. The seller, Hampton/Mesa, LLC was represented by principals Pat Dempsey, Jan Fincham, Chris McClurg and Matt Fredrick. The buyer, Allred Hampton DE, LLC of San Diego was represented by principals Stein Koss and Tom Louer.
The two-building, single story flex industrial business park sold with an occupancy of 91.5%. The buildings were constructed in 1999 and in 2007. The buildings feature clear heights of 18- 28-feet, fiber optics and 8:1,000 parking ratio. Major tenants include GC Services and Norwegian Cruise Lines.
Dempsey tells GlobeSt.com, “The submarket is a rebounding, vibrant submarket. The leasing team did a new lease for Norwegian Cruise Line and relocated them across the street to the subject property, which really allowed for the deal to take place.”
Dempsey says the new owner found the cap rate of 8.5 attractive and the rate and terms worked in the deal as well.
“The fundamentals are all improving and that made this deal possible,” says Dempsey.
The property is just north of the Superstition Springs Mall and alongside the U.S. 60 (Superstition Freeway).
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
