CBRE has completed the sale of Mountain Vista Commerce Center located at 14647 S. 50th St. in Phoenix. The three-building, 134,713 SF industrial complex commanded a sale price of $11.36M.
Dan Calihan, Pat Feeney, Joe Porter and Rusty Kennedy of CBRE’s Phoenix office negotiated on behalf both the buyer and seller in the transaction. The buyer was Aspen Capital Partners of Greenwood Village, Colo. The seller was BSP Mountain Vista LLC of Newport Beach, Cali.
“This sale is a testament to the continued recovery of the industrial market in Phoenix,” said CBRE’s Calihan. “The Phoenix metro has become recognized as a mature industrial market and a large number of users are actively looking at available space across the Valley. This heightened activity coupled with the continued, steady absorption we’ve seen over the last several quarters make Phoenix a very attractive place for investors looking to buy industrial properties.”
Mountain Vista Commerce Center was last sold in in 2010 in an REO sale when BSP Mountain Vista LLC purchased the property from Bank of America.
Built in 1999, the industrial complex is comprised of three buildings that can be operated as warehouse/distribution and/or flex spaces. The property was 93 percent leased at time of sale. There is currently 10,473 SF of vacant, available space.
Mountain Vista Commerce Center sits on 10 acres along the I-10 freeway between the Chandler Road and Ray Road exits. It has excellent freeway access and features freeway-facing signage.