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1/25/19
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Santa Barbara-based Pacifica Real Estate Group purchased Pecos Gateway Business Park, a 125.9k sf industrial property in Mesa, AZ, for $14.6 mil ($116/sf). The asset, located at 8743 E. Pecos Rd, was sold by Boomerang Capital Partners, of Mesa.
Pecos Gateway Business Park is a three-building, multi-tenant industrial property located along Pecos Rd, approximately 1.5 miles south of the Phoenix-Mesa Gateway Airport. Situated on 10.56 acres, the property features 18-23 foot clear height, 11 dock-high loading doors, 29 grade-level loading doors, and suites ranging in size from 2k sf -17.5k sf.
Currently 100 percent occupied, Pecos Gateway Business Park has maintained a 92% average occupancy since the first quarter of 2011. Built in 2008, the property recently underwent capital improvements including a new elastomeric coating on the roof.
Bob Buckley, Tracy Cartledge, and Steve Lindley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
“Pecos Gateway is a classic multi-tenant industrial property located in the rapidly developing Gateway Airport area,” said Buckley. “Its ongoing history of high occupancy combined with its location in this dynamic market sets the stage for Pecos Gateway to be a successful investment for Pacifica.”
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