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1/10/25
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Irvine-based CIP Real Estate acquired Broadway 101 Commerce Park, an 809.2k sf, Class A industrial park in Mesa, AZ for $168.3 mil ($208/sf). The multi-tenant park consists of 11 buildings on 53 acres.
We’re told the sale set several local records including: the largest Phoenix industrial sale in 2024; the largest legacy industrial sale in the history of Phoenix; and the largest single transaction for an industrial park in Phoenix’s Southeast Valley.
Built in 2005 through 2007, the modern property is strategically situated in the heart of Metro Phoenix within the highly coveted infill Phoenix Sky Harbor Airport/Tempe area. The project is currently 98% leased to a strong and diverse roster of 34 tenants.
Located at 2140-2360 West Broadway Rd, Broadway 101 Commerce Park consists of all warehouse/ industrial buildings featuring 125 grade- level doors and 109 dock-high doors. The property is close to Loop 101, Loop 202, and US-60 freeways, ensuring excellent connectivity and accessibility to major transportation routes. Additionally, the location is near the light rail, Downtown Tempe, and the Phoenix Sky Harbor Airport, and is also within a 30-minute commute of 67% of the entire Phoenix Metro area population (±3M people).
Cushman & Wakefield’s Will Strong, Michael Matchett, and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West represented the seller, Canyon Partners Real Estate LLC, the real estate direct investing arm of Canyon Partners LLC, a global alternative asset manager with over $26 bil in assets under management. C&W’s Mike Haenel, Andy Markham, Phil Haenel, and Justin Smith also provided local advisory and were retained by the buyer to continue leading leasing for the project.
Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (“EDSF”) team including Rob Rubano, Brian Share, and Joseph Lieske arranged the $93.8 mil acquisition loan from institutional investors advised by J.P. Morgan Asset Management, on behalf of CIP Real Estate.
“Due to its solid fundamentals, the dynamic Phoenix Metro has maintained great investor momentum throughout 2024. Broadway 101 represented an outstanding opportunity to acquire historically one of the best performing Class A industrial parks in metro phoenix, a rare infill project of scale,” said Strong.
“Broadway 101 Commerce Park is a high-performing, trophy industrial asset that is well-positioned in one of the top job-creating economies in the US. The property’s award-winning design and layout have been thoughtfully developed to meet and maintain the highest institutional standards,” said Mike Haenel. “The multi-tenant asset boasts a diverse tenant mix that has ensured occupancy stability historically.”
According to Cushman & Wakefield’s latest Q3 2024 market report, vacancy in the Phoenix Airport submarket stood at a healthy single-digit rate of 6.5%. Its average asking rate stood at $1.17 per square foot NNN per month, which is $0.05 above the Phoenix Metro’s overall average.
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