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10/26/23
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The majority of Arrowhead Ranch Business Park, a six-building, 18-unit flex/industrial campus in Peoria, AZ, was purchased for $12.68 mil by a California-based private buyer in a 1031 exchange. The transaction consisted of 11 of the units, totaling nearly 50k sf of space.
Built in 2007, the business park covers 9.56 acres at 21461 – 21509 North 78th Ave, in a rapidly expanding area of Phoenix’s Northwest Valley. During the first half of 2023, the Northwest Valley saw a decrease in vacancy and a significant increase in asking leases, primarily due to the manufacturing suppliers moving close to the new Taiwan Semiconductor Manufacturing Company's new facility.
Geoffrey Turbow, Gary Cornish, Anthony DeLorenzo and Nick Williams of CBRE's Investment Properties, alongside CBRE's Evan Koplan and Serena Wedlich, represented the seller, Pacifica Real Estate Group, in the transaction.
"At $254 per sq. ft. at a sub-5% (in-place) cap, this is another great example of an out-of-state private 1031 buyer aggressively chasing infill flex-industrial with high barriers to entry," commented Cornish. "Despite volatility in the economy driven by rising interest rates, we continue to see strong demand for well-located flex-industrial properties across the Phoenix metro at low yields."
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