McKellips Business Park in Tempe sold for $1.38M
Cushman & Wakefield has announced the $1.38 million sale of McKellips Business Park in Tempe. This completes the final property to be sold from the PS Business Parks portfolio, bringing the total portfolio sale price to approximately $54.5 million.
Singh Organic Soils purchased the 22,855-square-foot building located at 1733 E. McKellips Rd. as an investment. The McKellips Business Park building was constructed in 1980 and is 100 percent leased. The multi-tenant facility contains approximately 45 percent office space and 55 percent industrial use.
Senior Managing Directors Bob Buckley, Tracy Cartledge, Steve Lindley and Associate Ben Geelan with Cushman & Wakefield negotiated the transaction.
The PS Business Parks portfolio consisted of six buildings that offered approximately 678,887 square feet of multi-tenant industrial space. The portfolio was sold by PS Business Parks, LP (NYSE:PSB) of Glendale, CA. The first five buildings were purchased by San Francisco-based Stockbridge Capital Group, LLC in November 2014.
“Our group was honored to take the industrial portfolio to the market,” said Mr. Buckley. “The six-building collection offered high-quality facilities in land-constrained areas with great user appeal. This investor and Stockbridge Capital Group will benefit from significant upside opportunity with these properties.” The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.