Graham Street Realty Buys Industrial Park Near Scottsdale Airport

Graham Street Realty has acquired Cimmaron Industrial Park in the Scottsdale Airport Industrial submarket of the Phoenix metro area. The deal closed for a purchase price of $27.5 million. The property is currently fully leased.

GSR is purchasing the property from a partnership of two high net worth investors. As part of the transaction, GSR will retain the in-place property management company, Greater Airpark Realty Services, who will handle day-to-day operations, construction management, and property accounting.

Cimmaron comprises 94,800 rentable square feet of industrial space across a five-building, separately parceled project site totaling 6.73 acres. All five buildings were constructed in 1980 and have been well-maintained. The property provides small businesses with functional industrial suites, with approximately 40% office and showroom space and 60% warehouse space.  Scottsdale Airpark, the submarket where Cimmaron is located, comprises 7.1 million square feet near Paradise Valley, Kierland, and North Scottsdale.