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8/24/17
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Nicola Crosby Real Estate has purchased Cabot Business Center, a five-story, 109.8k sf multi-tenant industrial/flex business center in Phoenix, for $11.4 mil ($104/sf). The property is located at 3802-3922 E University Dr, at 40th St.
Nicola Crosby Real Estate is a subsidiary of Nicola Wealth Management Ltd, a real estate asset management company, based in Vancouver, British Columbia, that acquires and manages properties for the SPIRE Real Estate Portfolios. This is SPIRE US LP’s first acquisition in the Phoenix market.
Darren Tappen, Peter Beauchamp, Aric Adams, Mike Kasulaitis, and Matthew Ault with Kidder Mathews represented the seller, Dunbar CBC LLC, in the transaction. Nicola Crosby has retained Kidder Mathews as the new property managers for Cabot Business Center.
“Cabot Business Center is an ideal asset for Nicola Crosby’s first purchase in Phoenix,” said Tappen. “The central location, freeway access, quality of the project, and occupancy level bodes well for the new ownership. They are looking for similar opportunities as they look to become a key player in the Phoenix market,” he said.
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