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1/17/22
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Metro Business Park, a 188.8k sf light industrial business park in Phoenix, was acquired by Portland-based Schnitzer Properties, formerly known as Harsch Investment Properties, for $33.5 mil ($177/sf). The park consists of five multi-tenant industrial buildings that are collectively 100% leased to a highly diversified tenant mix.
Metro Business Park is situated on 12.5 acres and spans the addresses 11034-11048 and 11056 N 23rd Drive and 11048, 11049 and 11226 N 23rd Ave. The buildings feature functional divisibility with a variety of smaller bay sizes, excellent parking, ample loading, and fully built out offices.
The property is in the I-17 corridor industrial submarket of Metro Phoenix and is positioned less than a mile from a full-diamond interchange at I-17 and Peoria Avenue and within minutes of other major freeways including Loop 101, SR-51, I-10.
Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller, EastGroup Properties, in the transaction. Leasing advisory was provided by Tom Louer and Matt Hobaica of Lee & Associates. The sale marked the buyer’s fifth acquisition in the Phoenix Metro area.
“Metro Business Park provides stable cash flow while the strength of this asset is further supported by a market, and property, with outstanding historical occupancy, continued tenant demand, and increasing rents at new record levels,” said Strong. “For years, the property has been institutionally maintained, managed, and operated by EastGroup Properties, one of the largest and most successful industrial owners in Phoenix and in the U.S.”
Schnitzer Properties, which today owns and operates more than 30 msf of property in six states, currently has well over 2 msf of commercial property under development in the Phoenix Metro area, the bulk of which is located in Chandler, along with locations in Goodyear and Tucson.
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