Libitzky Property Cos. has bought a 141,117-square-foot industrial constructing in Mesa, Ariz., from Phelan Growth. The asset traded for $29.4 million in a deal brokered by Cushman & Wakefield on behalf of the vendor.
The ability options 32-foot clear heights, 6,000 amps of energy and 28 dock doorways, in addition to three grade-level doorways, amongst different functionalities. Cyclic Supplies—a rare-earth parts recycling firm—absolutely occupies the constructing for 10 years.
Situated at 8341 E. Pecos Street, the property is about 38 miles southeast of downtown Phoenix, in a Overseas Commerce Zone. The Mesa Gateway Airport operates lower than 3 miles away, whereas thoroughfares akin to U.S. Route 60 and Interstate 10 run inside roughly 20 miles.
READ ALSO: ULI Particular Report: Optimism and Uncertainty
The ability is a part of Phelan Pecos Heart, a three-building industrial park spanning 474,309 sq. ft. Phelan Growth delivered the campus final yr, and based on CommercialEdge data, with the assistance of a $39.9 million development word issued in 2023. Texas Capital Financial institution supplied the mortgage set to mature subsequent yr.
Libitzky Property Cos. owns and operates roughly 8 million sq. ft of business actual property, together with workplace, industrial, flex, life science and retail properties. Certainly one of its earlier metro Phoenix acquisitions closed final yr when Libitzky paid $43.3 million for a 224,471-square-foot industrial park in Chandler, Ariz.
Cushman & Wakefield Executives Phil Haenel and Will Robust, along with Administrators Foster Bundy and Molly Hunt, in addition to Affiliate Katie Repine, represented Phelan Growth within the sale proceedings.
Metro Phoenix, an industrial funding hotspot
Buyers traded $449 million in metro Phoenix industrial belongings in the course of the first quarter, based on the most recent CommercialEdge report. The Valley of the Solar outclassed all the opposite Western markets, edging Orange County ($392 million) and surpassing Los Angeles ($335 million).
Better Phoenix’s industrial common worth per sq. foot clocked in at $165, positioned properly above the nationwide determine of $126, the identical supply reveals. 8341 E. Pecos Street traded for $208 per sq. foot, 26 % greater than metro Phoenix’s common in the course of the first three months.
One other current Valley of the Solar industrial deal closed final month when ViaWest Group offered a 357,103-square-foot park in Tempe, Ariz. Notably, the commercial campus resulted from an workplace redevelopment.
