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11/01/22
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San Francisco-based Berkeley Partners purchased a 156.1k sf, light industrial portfolio located in Phoenix and Chandler, AZ for $25.5 mil ($163/sf). The portfolio comprises three buildings and was 100% leased to four tenants at the time of sale.
The portfolio includes 235 E Pima St in the city of Phoenix, which benefits from its Sky Harbor Airport submarket location and close proximity within minutes of Interstates 17 and 10, Downtown Phoenix, and Sky Harbor International Airport. The property also completed significant interior and exterior renovations in 2020. The other two buildings in the portfolio are located at 5740 W. Oakland St and 481 N. Dean Ave in the city of Chandler. Both buildings are close proximity to Interstate 10 and the Loop 202 interchange.
Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller, the joint venture of Bird Dog Industrial, HPI, and Long Wharf Capital. Ken McQueen, Chris McClurg and Blake Peters with Lee & Associates provided market advisory.
“This is a high-quality infill light industrial portfolio that is very well positioned in two prominent and robust submarkets of Metropolitan Phoenix,” said Strong. “Industrial market fundamentals remain outstanding in the region, maintaining a strong pace of growth and demand in 2022—the region has amassed nearly 18 msf of occupancy growth year-to-date, according to Cushman & Wakefield’s latest Q3 market report. These exceptional figures, which have also fueled rent growth, have led to continued investor interest.”
“We purchased these buildings in 2019-20 and completed various capital improvements to enhance their marketability which worked out well for us achieving 100% occupancy last year,” said Mark Sonnenberg, President of Bird Dog Industrial. “Now the rents are below market and provide future investment upside for Berkeley Partners, so it was a win-win for all parties.”
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