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6/17/24
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A joint venture of Bendetti and Westport Capital Partners paid $32.9 mil for Broadwood Business Centre, a 156.2k sf ($210/sf), multi-tenant light industrial property in Mesa, AZ. The Southeast Valley business complex can accommodate a broad range of user types, including showroom users, quasi retailers, manufacturers, distributors, and more.
Broadwood Business Centre consists of eight freestanding buildings located at 2452 W Birchwood Ave and three multi-tenant buildings located at 2450 W Broadway Ave and 2451 W Birchwood Ave. The property was 100% leased at the time of sale.
Originally building in the mid-1980s but extensively renovated since to compete with in the upper tier of business parks, Broadwood Business Centre boasts high visibility and is near Loop 101, U.S. 60, and Loop 202 freeways, providing convenient access throughout the Phoenix Metro region.
Cushman & Wakefield’s Bob Buckley and Tracy Cartledge of Cushman & Wakefield’s Capital Markets in collaboration with Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group—Mountain West represented the seller, BKM Capital Partners, in the transaction.
“Broadwood Business Centre is a classic, upscale multi-tenant business park in an optimal location and features a desirable mix of both small bay suites and freestanding single tenant buildings,” commented Buckley. “The project offers flexible bay sizes allowing it to appeal to small/medium-sized users. The project is ideally positioned to continue to take advantage of market dynamics and exceptional market fundamentals.”
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