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Flex Facilities in Tempe and Mesa See Active Demand

TEMPE, AZ—The portfolio consists of 10 individual buildings in three distinct business parks with a mix of office, flex and warehouse uses and are occupied by a roster of more than 80 tenants.

By Lisa Brown | lisabrown | | Updated on May 17, 2016
Carleton Business Park Carleton Business Park has 134,831 square feet and is located in Tempe, AZ.
TEMPE, AZ—With recovery well underway in the Phoenix metro, commercial real estate activity is matching the level of the rebound. Office, flex and warehouse property types seem particularly in demand for one investment venture. Three business parks totaling 312,193 square feet have been acquired by a venture of San Juan Capistrano, CA-based Birtcher Anderson Realty in conjunction with JCR Capital of Denver. The joint venture acquired the parks from Presson Properties for approximately $26.5 million. “In light of the strong recovery currently underway in this type of property, we were pleased to be able to invest at such a basis at this point in the local real estate cycle. With the average occupancy and in-place rents lagging current market conditions, we are anticipating some healthy near-term upside,” says Bob Anderson , CEO of Birtcher Anderson Realty. “This portfolio fits with the company’s historic strengths of adding value to management-intensive properties. Over our 75-year history, we have consistently had a presence in the Phoenix market and these properties provide a strong addition to our current activities there.” The portfolio consists of 10 individual buildings in three distinct business parks with a mix of office, flex and warehouse uses: Carleton Business Park with 134,831 square feet and Fairmont Commerce Center with 85,890 square feet, both located in Tempe, AZ and Fiesta Tech Business Center with 91,462 square feet located in Mesa, AZ. The properties are occupied by a roster of more than 80 tenants including Maricopa County, Catholic Charities and Progressive Financial . Anderson tells GlobeSt.com: “We’ve taken note of the strong recovery currently occurring in the small, local tenant sector of the real estate market in Tempe and Mesa, both cities with a strong base of small, local business as a result of their being business friendly and entrepreneurial.” The transaction was facilitated by the Bob Buckley team at Cushman and Wakefield . Financing was provided by CIT , with both the debt and the equity being arranged by Knightsbridge Realty Capital .  

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