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1/18/23
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Barings has purchased a newly built, 197k sf Class A industrial project known as Warner Commerce Center in Tempe, AZ for $42.4 mil ($215/sf). The property sits on a 18-acre infill site at 1300 and 1330 W. Warner Rd.
The property was sold by The Opus Group. The site was formerly an office building which The Opus Group completed a speculative transformation into a new manufacturing or distribution (including last-mile distribution) facility.
Warner Commerce Center comprises two 98.5k sf buildings each suitable for multiple tenants. They both feature 32-foot clear height and combined, the buildings offer 40 rear-load dock doors, four drive-in doors, 64 dedicated trailer parking stalls and 392 vehicle parking stalls.
The property is positioned in a prime location with easy access to Interstate 10, less than a mile away and Loop 202 and US 60 freeways, giving the property convenient accessibility throughout the Phoenix Metro area, Southern California (including the Ports of Los Angeles and Long Beach) and Mexico. The property is also near many retail and restaurant amenities.
Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Cal Conway, and Stephanie Saccente with Cushman & Wakefield represented the seller in the transaction. They were assisted by Micki Strain and Foster Bundy, also with C&W.
“This is a premier infill industrial asset well positioned in the Phoenix Metro which continues to maintain exceptional industrial market fundamentals. This has led to strong investor/developer interest for industrial property in this market,” said Strong.
According to Cushman & Wakefield’s most recent Q3-2022 Phoenix Market Beat report, Phoenix Industrial market vacancy stood at a healthy 4.9% overall and recorded a robust 17.7 msf of occupancy through the first three quarters of the year.
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