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5/20/22
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San Diego-based Intersection CRE purchased KeyWest Plaza, a 92.8k sf, four-building industrial property in Gilbert, AZ. The deal was financed with a loan for $10.4 mil.
Situated on 5.34 acres at 700-734 North Golden Key St in the Chandler/Gilbert submarket of Phoenix, the property was built in 1986 and comprises four single-story industrial buildings leased to a diverse mix of 20 tenants. Suites range from 1.6k sf to 11.8k sf and include air-conditioned offices, evaporative cooled warehouses, 12x14 grade-level loading docks and 16-to-18-ft. ceilings. Intersection plans to invest in capital improvements, including parking lot repairs, new building signage, paint, and updated roofing.
Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke with CBRE Capital Markets’ Debt & Structured Finance group arranged the four-year, floating interest rate loan on behalf of the buyer.
“The subject is located in the highly sought-after Southeast submarket that has seen strong absorption and historically low vacancy,” said Peterson. “Intersection is planning to implement a strategic capital improvement plan in order to enhance the appeal of the asset to current and prospective tenants.”
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