Phoenix-based Citywide Commercial Real Estate has completed the $7 million acquisition of a five-building industrial portfolio located on just over 7 acres within Thunderbird Business Park, at the southeast corner of Indian School Road and 31st Avenue in Phoenix.
The buildings were last sold nearly 20 years ago in 2003. The new owner, El Camino Investment Co., plans to complete improvements to modernize the portfolio and further enhance its presence in the community.
look at the 2023 Phoenix commercial real estate outlook and opportunities.
Adam Shteir, Todd Hamilton and Chad Kirkorsky at Citywide represented the buyer in the acquisition. The seller is Northgate – 72 LLC.
Citywide serves as the exclusive leasing and property management firm for the Thunderbird Business Park buildings and will continue to do so under the portfolio’s new ownership.
“This purchase demonstrates the long-term stability and investment strength of the Phoenix metro industrial market,” said Shteir. “We have had this property assignment for 20 years and have watched local industrial demand skyrocket over that time. We look forward to a continued strong relationship with the tenants at Thunderbird Business Park and promoting this neighborhood for small business owners.”
The Thunderbird Business Park portfolio totals 86,268 square feet across five single-story, multi-tenant office, retail and industrial buildings. It includes 35 individual suites, which are 100 percent occupied primarily by small business owners and long-term tenants. It is part of the larger seven-building Thunderbird Business Park.