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12/23/20
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Los Angeles-based paid $27 mil, or roughly $207 per square foot, for a fully leased 130.3k sf industrial manufacturing/R&D asset in Phoenix. The asset was sold by Canadian-Based Artis Real Estate Investment Trust.
The mission-critical, single-tenant facility is located at 3440 East University Dr. It has served for decades as the North American headquarters and global training facility for the tenant, a leading supplier of semiconductor process equipment for wafer processing. The two-story, institutional-quality building contains highly specialized improvements and enjoys proximity to a liquid nitrogen supply line and gas storage tank units within the Southbank Business Park.
The acquisition represents a new entry into the Phoenix metro market for Mapleton Investments, a multi-generational Los Angeles family office led by President and CEO, Adam Nathanson, and supported by Senior Vice President of Acquisitions, James Durand.
Artis had originally acquired the facility in June 2013 for an undisclosed price. The same dynamic that attracted Artis to this investment opportunity—highly specialized improvements that included clean room space and extensive air and water filtration systems for the tenant’s use as one of the world’s leading designers, builders, sellers, and servicers of semiconductor wafer processing equipment —drew Mapleton Investments to the asset.
The investment sales team of Chris Toci and Chad Littell of Cushman and Wakefield’s Phoenix office represented the seller in the transaction.
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