DTZ has announced today that DCT Industrial Trust (NYSE: DCT) purchased a fully leased, 49,956 square foot freestanding distribution center at 402 W. Geneva Dr. for $3.35 million. DCT Industrial Trust is a publicly-traded, real estate investment trust (REIT) specializing in the ownership, acquisition, leasing, development, redevelopment and management of bulk distribution and light industrial properties. The seller was West Geneva Building, LLC.
DTZ Senior Vice President Will Strong and Executive Managing Directors Mike Haenel and Andy Markham, SIOR, facilitated both sides of the transaction.
The industrial property is located in the well-positioned and highly sought after Broadway Industrial Park. It is minutes from Sky Harbor International Airport and Arizona State University and close to three freeways: Interstate 10, Loop 101 and U.S. Highway 60. The property is occupied by Wayne Dalton Garage Doors (dba NationServe).
Cassidy Turley announced that DCT Industrial Trust has acquired a three property warehouse portfolio from a Chicago-based global investment manager for $26.44 million.
Located in Tempe, the 355,371 SF portfolio includes: Roosevelt Center, 2405 and 2415 S. Roosevelt Street; Parkland Center, 7245 and 7307 S. Harl Ave.; and Wilson Center, 2636 South Wilson Street for $26.44 million ($74.42 per square foot).
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the buyer and the seller.
“The portfolio represented an opportunity to acquire traditional warehouse product in the well-established Tempe market from a long-term owner and stable occupancy” said Mr. Buckley.
Roosevelt and Wilson Centers consist of three high-quality warehouse/manufacturing buildings totaling 292,605 square feet in one of Tempe’s best locations, the Broadway Industrial Park. Parkland Center consists of two multi-tenant industrial buildings totaling 62,766 square feet in the highly desired south Tempe submarket. The warehouse portfolio was 98%% leased at the time of sale. DCT Industrial Trust plans to hold and continue to lease up the property.
Cassidy Turley announced the sale of a 13,082 square foot freestanding industrial building at the Broadway Industrial Park, 807 West Geneva Drive in Tempe, Ariz. Tempe-based Vick Holdings, LLC purchased the property for $800,000 ($61.15 PSF) from Tempe-based Christofolo Enterprises, Inc.
Paul Sweetland, SIOR, Vice President of Cassidy Turley’s Industrial Group represented the buyer, while Scott Backes of Menlo Group represented the seller in the transaction.
Built in 1979, 807 West Geneva Drive is a ±13,082 square-foot, industrial building on .80 acres. The property is centrally located in the Tempe/Sky Harbor Industrial Corridor with easy access to Sky Harbor International Airport, Interstate 10 and the U.S. Route 60. The building was vacant at the time of sale. Vick Holdings, LLC, specializing in the sale, service, and repair of landscaping equipment, plans to occupy the entire property.