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11/25/24
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A joint venture between Portland-based SKB and Los Angeles-based Arc Capital Partners acquired two advanced manufacturing buildings totaling 194k sf in Gilbert, AZ for $19.05 mil ($98/sf).
1300 Fiesta Blvd, Gilbert, AZ |
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The freestanding buildings, located at 1250 and 1300 North Fiesta Blvd in Phoenix’s Southeast Valley, are 100% leased to a combined total of three tenants.
1250 North Fiesta Boulevard consists of one freestanding building totaling 45k sf on 3.2 acres. The single-tenant property is 100% leased to Kaiser Garage Doors & Gates.
1300 North Fiesta Boulevard, more commonly known as Fiesta Tech Center, consists of one freestanding building totaling 148.9k sf on 12.4 acres. The multi-tenant property is primarily leased to MKB Construction and Symage. The properties boast ample power, valuable excess yard space, and convenient access to Loop 101, US-60, and Loop 202.
Cushman & Wakefield’s Private Capital Group in Phoenix consisting of Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented the buyer and seller, Walnut Creek-based Nearon, in the transaction.
“According to Cushman & Wakefield's latest Q3-2024 report, the Southeast Valley continues to show strong momentum” commented Bundy. “Despite elevated vacancy rates due to the influx of new construction, the area has seen nearly 3 msf of industrial occupancy growth so far this year—one of the highest figures in the Phoenix market.”
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