CIP Actual Property has bought Broadway 101 Commerce Park, an 809,230-square-foot Class A industrial park in Mesa, Ariz. Canyon Companions Actual Property LLC—the actual property direct investing arm of Canyon Companions LLC—offered the multitenant campus for $168.3 million.
Cushman & Wakefield brokered the sale and organized the $93.8 million acquisition mortgage from institutional traders suggested by J.P. Morgan Asset Administration.
Broadway 101 Commerce Park’s sale has achieved a number of native milestones, similar to being the largest industrial transaction in Phoenix final 12 months or the most important single deal for an industrial park within the Southeast Valley of Phoenix.
On the time of the sale, the commercial park was 98 % leased to a complete of 34 tenants. The roster contains Mitel, Stars Healthcare, Branded Payments, Accu-Tech, Manufacturing facility Motor Components and Evoqua Water Applied sciences, amongst others.
Constructed between 2005 and 2007, Broadway 101 Commerce Park encompasses 11 warehouse and industrial buildings unfold on some 53 acres. The services characteristic 125 grade-level doorways, 109 dock-high doorways, ESFR hearth sprinklers, insulated ceilings, local weather management and parking areas.
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Government Vice Chair Will Sturdy, Director Michael Matchett and Senior Affiliate Molly Hunt from Cushman & Wakefield’s Nationwide Industrial Advisory Group – Mountain West labored on behalf of the vendor. Government Vice Chair Rob Rubano, Government Managing Director Brian Share and Managing Director Joseph Lieske from the Fairness, Debt & Structured Finance group organized the financing.
Again in August, CIP acquired Tully Enterprise Middle, a small-bay, 143,221-square-foot industrial park in San Jose, Calif. Dollinger Properties offered the asset for $40 million.
Phoenix’s sturdy industrial scene
Positioned 2140-2360 West Broadway Highway, the commercial park is in Phoenix’s Mesa submarket, inside a 67.5-acre master-planned park. Broadway 101 Commerce Park is centrally situated close to the Sky Harbor Airport/Tempe space, offering entry to Loop 101, Loop 202 and US-60 freeways, in addition to proximity to the sunshine rail.
Phoenix’s industrial market continues to thrive, with the commercial gross sales quantity reaching almost $2.2 billion in 2024 via October, based on a latest CommercialEdge report. The typical worth per sq. foot stood at $162, with greater than 15 million sq. toes of commercial area altering fingers.
The metro additionally led the nation by way of industrial improvement, regardless of a slowdown in building begins. On the finish of October, metro Phoenix had roughly 24.7 million sq. toes of commercial area underneath building.
