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September 21, 2018
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TEXAS/SOUTHWEST NEWS
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Investors Trade AZ Industrial Park Asset in $36 Mil Transaction

2/23/18

Avondale Commerce Center I & II, a 13-building, 590.1k sf multi-tenant industrial park in Avondale, AZ, traded hands in a recent $36.25 mil ($61/sf) deal. The property sits on 47.7 acres at 1050 and 1250 N. Fairway Dr.

The property is currently 60% leased. Developed by RDB Development in 2008, the asset features 18-25 foot clear height, speculative office build-outs, grade level and truck well loading and I-10 frontage.

Phoenix-based Avondale Commerce Center LLC (a company formed by Presson Corp.) purchased the property from 1050-1250 N El Mirage Road-Avondale LLC (a company formed by iStar Inc.) of Dallas. Paul Boyle, Rick Danis, Gary Anderson and Mike Gilbert of Cushman & Wakefield represented both parties in the transaction. The team has worked on the management and leasing/stabilization of the property since the current owner obtained title in 2010 and has represented both the buyer and seller in prevous transactions.

“The property can accommodate a variety of users with space requirements ranging from 2.5k sf up to 78.8k sf. Attractive features such as detail to architectural aesthetics, high office ceiling clear heights and spacious landscape grounds make Avondale Commerce Center a desirable location for tenants,” said Boyle.

With the recent completion of the Loop 303 and the expansion of the Loop 202, access to the Southwest Valley is projected to grow at a rapid pace. In addition, plans are currently underway for a freeway interchange at Fairway Drive and Interstate 10, scheduled for completion in 2021. This will create immediate access to the property making it a clear destination for users.

At the close of 2017, just under 3 msf of space was absorbed in the Southwest Valley and year-to-date in 2018, new housing permits are already up 10% from 2017, according to data from Cushman & Wakefield.





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