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4/07/23
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Libitzky Property Companies has acquired Gateway Technology Commerce Center, a two-building, 138.7k sf Class A industrial project in Mesa, AZ, for $25.4 mil ($183/sf). The property was sold by MIG Real Estate LLC.
The multi-tenant building was built in 2019 and is currently 100% leased to six tenants. Located at 7535 E Ray Rd, Gateway Technology Commerce Center provides immediate adjacency to the Phoenix-Mesa Gateway Airport and freeway frontage exposure to Loop 202.
Steve Lindley, Alexandra Loye, Eric Wichterman, Mike Coover, Will Strong and Molly Hunt of Cushman & Wakefield represented the seller in the transaction.
“Gateway Technology Commerce Center is a modern industrial asset desirably located in metro Phoenix’s highly sought-after Southeast Valley area. The property is supported by a strong, diverse tenant roster and is also both freeway and airport-adjacent offering a best-in-market industrial location,” said Lindley. “Investors remain attracted to Phoenix Metro, which has continued to experience strong growth as one of the nation’s best performing industrial markets.”
According to Cushman & Wakefield’s market report, Phoenix achieved more than 21.7 million square feet (msf) of overall occupancy growth in 2022, with over 5.6 msf coming from the Southeast Valley.
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