PHOENIX—Cassidy Turley announces that DCT Industrial Trust has acquired a three-property warehouse portfolio from a Chicago-based global investment manager for $26.44 million.
Located in Tempe, the 355,371-square-foot portfolio includes: Roosevelt Center, 2405 and 2415 S. Roosevelt St.; Parkland Center, 7245 and 7307 S. Harl Ave.; and Wilson Center, 2636 S. Wilson St. for $26.44 million ($74.42 per square foot).
Senior managing directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley's capital markets group brokered the transaction on behalf of the buyer and the seller.
Buckley tells GlobeSt.com, “Roosevelt Center and Wilson Center are very similar in that they cater to smaller distributors. Parland caters more to smaller service type companies like auto body shops and well-finished type users. But both are in clearly defined industrial areas.”
Roosevelt and Wilson Centers consist of three high-quality warehouse/manufacturing buildings totaling 292,605 square feet in one of Tempe's best locations, the Broadway Industrial Park. Parkland Center consists of two multi-tenant industrial buildings totaling 62,766 square feet in the highly desired south Tempe submarket. The warehouse portfolio was 98%% leased at the time of sale. DCT Industrial Trust plans to hold and continue to lease up the property.
“The portfolio represented an opportunity to acquire traditional warehouse product in the well-established Tempe market from a long-term owner and stable occupancy” says Buckley.
The deal was made on an all case basis and was competitively pursued.
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.
