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6/09/23
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A San Diego-based investor purchased a two-building industrial/flex office portfolio totaling 158.5k sf of space in Tempe, AZ. Located at 1100 and 1150 W Grove Pkwy, the buildings are approximately 67% leased combined.
1100 W Grove Pkwy consists of a 54.3k sf building that was vacated prior to the close. 1150 W Grove Pkwy consists of a 104.2k sf building that is 78% leased to an investment grade broad line distributor of maintenance, repair and operating (MRO) products in North America, Japan and the United Kingdom. The buildings are positioned near Interstate 10 and in close proximity to Loop 202.
The buyer was Magnolia Industrial Park LLC. Chris Toci, Eric Wichterman and Mike Coover with Cushman & Wakefield represented the seller, a global investment advisor. The firm’s Jerry Roberts and Pat Boyle also provided leasing advisory.
“This is a solid value-add portfolio comprising two quality single-story flex buildings in the Southeast Valley. The buildings are heavily parked at a ratio of 7.8/1k sf and feature 22’ clear heights and large floor plates with open office layouts,” said Wichterman. “The buildings contain modern and highly functional office suites that can also be converted to accommodate industrial uses—providing optionality that was essential to the new ownership.”
“Located near Arizona State University, in the epicenter of metro Phoenix’s high-growth technology trade area, this portfolio is well positioned in an amenity-rich environment with excellent demographics and a well-educated workforce. Tenants are drawn to the Southeast Valley due to its immediate freeway access, neighboring higher education institutions, and robust amenities,” added Toci.
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