Cassidy Turley Completes $77M Sale of Broadway 101 Commerce Park
Cassidy Turley announced today that Denver-based Industrial Income Trust (IIT) has purchased Broadway 101 Commerce Park, an 808,419 SF institutional-quality industrial development in Mesa.
IIT, a non-traded real estate investment trust, purchased the property for $77M in a cash deal.
Lincoln Property Company sold Broadway 101, and was represented by the Cassidy Turley team of Executive Vice Presidents Bob Buckley, Steve Lindley and Tracy Cartledge; Executive Managing Director Tom Powers; Executive Vice Presidents Mike Haenel and Andy Markham, SIOR; and Vice President Marc Tuite. Powers works in the Cincinnati office of Cassidy Turley, while the other six brokers are in the Phoenix office.
“Broadway 101 is one of the highest profile industrial developments in the Western Region, evidenced by the exceptional buyer interest with major institutional investors including several that were new to the Arizona market,” Buckley said.
Built in two phases in 2005 and 2007, Broadway 101 Commerce Park includes 11 buildings – five warehouses, three general industrial and three office/warehouse.
Located at 2140-2360 E. Broadway Rd., the property is one-half mile from the Loop 101/Price Freeway. Broadway 101 was 79% leased at the time of sale to a diversified and high quality tenant base that includes Worldwide Technology Holdings, PCT International, Aviall Services (a wholly-owned subsidiary of Boeing), Mitel Networks, Siemens Water Technologies and Patterson Dental Supplies.
Cassidy Turley’s Haenel, Markham and Tuite have had the leasing assignment at Broadway 101 since 2004.
“We have handled the leasing of Broadway 101 since the project’s inception, successfully closing deals even during some of the most challenging economic years,” Haenel said. “Cassidy Turley is excited for the opportunity to work with IIT and continue as the leasing team for Broadway 101.”