Prologis Sells I-10 West Business Center for $3.9M
Prologis, Inc. — owner, operator and developer of industrial real estate — sold the I-10 West Business Center in Phoenix for $3.925M to TRPF III/TCC – I-10 West (Trammel Crow and Thackeray Partners, Dallas).
Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets group represented Prologis during the sale of the ±81,571 SF, 3-building industrial center at 5536 and 5546 W. Roosevelt and 5045 W. Latham.
“I-10 West Business Center is ideally positioned to outperform the current market,” Buckley said. “Located in the largest industrial submarket in the Valley, the property had the ideal combination of in-place income, with 100 percent occupancy and upside potential for additional income as the market strengthens and rents and value improves.”
Built in 1986, I-10 West Business Center is a multi-tenant industrial property. It was fully leased to seven tenants at the time of sale. The occupants include USALCO, Ltd., Smalley & Company, 8 Net, Inc., Clayton Glass and Batesville Logistics.
In other Cassidy Turley deals:
>> Bank of the West closed on the sale of a ±18,133 SF industrial property at 4280 W. Opportunity Way in Anthem. The undisclosed buyer purchased the property, which was built in 2005, for $910,000. Paul Sweetland, SIOR, with Cassidy Turley’s Industrial Group (formerly with Voit Real Estate Services) represented the sellers. Cushman and Wakefield represented the buyers. Voit is the property management company for the building.
>> Enright Capital of Calgary, Alberta, purchased Ahwatukee Foothills Corporate Park for $6.8M from Midfirst Bank. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets group represented Midfirst in the sale of the ±87,772 SF, 4-building flex office property at 4621-4633 Chandler Blvd. in Phoenix.
“Ahwatukee Foothills Corporate Park has an ideal location for flex office and medical tenants, serving three of the wealthiest zip codes in Metropolitan Phoenix,” Cartledge said. “The property was 59 percent occupied at the time of sale, allowing Enright to substantially increase the value add of the property by leasing out the vacant space.”
Enright also owns two properties in Scottsdale; Westar Center, a ±43,550 SF industrial/showroom and Zocallo Plaza, a ±51,195 SF retail center. The Canadian investment company purchased both Scottsdale properties in 2011.