Industrial Developer Icon of 2 Million SF Releases Portfolio

Buildings in an industrial portfolio were recently acquired in a transaction valued at $16.5 million.

PHOENIX—Developed by Turken Industrial Properties Inc. from 1973 to 1985 on nearly 20 acres, multiple properties within a 363,000-square-foot industrial portfolio were recently acquired in a transaction valued at $16.5 million. The buyers were Presson Corp. and an affiliated group comprised of four entities that were formed by Turken Industrial Properties Inc. The 19 property office/industrial building portfolio consisted of four separate transactions. The first properties located at 1501-1505 N. 29th Ave.; 4331-4341 W. Van Buren St. and 202-214 N. 43rd Ave. total 148,840 square feet on 8.278 acres. The sales price for this group was $7.222 million or $48.52 per square foot. The buyer was Presson Corp. and the selling entity was Westco Properties of Phoenix LLC (a Turken entity). The next group of properties located at 2735-2747 W. McDowell Rd., 1423-1441 N. 27th Ln., 1420-1460 N. 27th Ave. and 2715-2747 W. McDowell Rd. total 103,866 square feet on 6.089 acres. The sales price for this group of properties was $4.815 million or $46.35 per square foot. The buyer entity was Presson Corp. and the selling entity was McDowell Equities LLC (a Turken entity). The next two properties are located at 1818-2002 N. 25th Dr. and 1901-1909 N. 25th Dr. with 70,925 square feet on 3.689 acres. The sales price was $2.818 million or $39.59 per square feet. The buyer was Presson P.V. Twelve LLC (a Presson Corp. entity) and the seller was T W E , a general partnership (a Turken entity). The smallest property is located at 1422-1436 N. 27th Ave. on 1.644 acres with 40,000 square feet. The sales price for this property was $1.645 million  or $41.13 per square foot. The buyer was also Presson Corp. and the seller was LIC Partnership (a Turken entity). Todd Hamilton and Rodney Crotty of Cutler Commercial negotiated the sale of the portfolio. Hamilton tells GlobeSt.com: “Meyer Turken was the owner of this 363,000-square-foot industrial portfolio. He was an icon during his ownership over the past 40 years. He developed over 2 million square feet of industrial real estate and was considered one of the early Phoenix industrial pioneers. Most of the Phoenix industrial brokers have done a lease with this ownership and several of them did their first deal with Meyer Turken. He was a leader in several Phoenix organizations and was very well known in the community. It is a big event for the portfolio to change hands. Some brokers wonder if the market has topped out when a longer-term holder cashes out. I personally don’t think that the market has topped out. I think that it was just time for him to ride gracefully into the sunset. It was sold to another well-known local developer and he plans to hold on for the long haul.”