Cushman & Wakefield announced the firm has advised MIG Real Estate, LLC in the sale of Gateway Technology Commerce Center, a two-building 138,692-square-foot Class A industrial project in Mesa (Phoenix), Arizona. The multi-tenant building was built in 2019 and is currently 100% leased to six tenants. Libitzky Property Companies acquired the property for $25.4 million.
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Located at 7535 E Ray Rd, the Gateway Technology Commerce Center provides immediate adjacency to the Phoenix-Mesa Gateway Airport and freeway frontage exposure to the Loop 202.
Steve Lindley, Alexandra Loye, Eric Wichterman and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital teams in Phoenix together with Will Strong and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group represented the seller.
Kevin Stiles of MIG Real Estate commented, “Gateway Technology Commerce Center is a great example of MIG Real Estate’s execution of its ongoing industrial/flex acquisition strategy – to acquire, improve and sell well positioned assets that serve diverse metropolitan areas in the Western U.S and Sunbelt states.”
“Gateway Technology Commerce Center is a modern industrial asset desirably located in metro Phoenix’s highly sought-after Southeast Valley area. The property is supported by a strong, diverse tenant roster and is also both freeway and airport-adjacent offering a best-in-market industrial location,” said Executive Managing Director, Steve Lindley. “Investors remain attracted to Phoenix Metro, which has continued to experience strong growth as one of the nation’s best performing industrial markets.”
According to Cushman & Wakefield’s market report, Phoenix achieved more than 21.7 million square feet (msf) of overall occupancy growth in 2022, with over 5.6 msf coming from the Southeast Valley.
