The Roosevelt Business Park, a four-building industrial park near Roosevelt Street and 75th Avenue , was sold to California-based WLA Realty Group for $14.9 million.
Cushman & Wakefield Senior Vice President Gary Anderson, Senior Managing Directors Paul Boyle and Rick Danis, along with Associate Mike Gilbert negotiated the sale transaction.
WLA Realty Group bought the park from another California-based firm, Pearlman Property Management. The Cushman & Wakefield team will handle leasing of the business park.
The park was bought at a significant discount to replacement value, Anderson said. This type of park usually houses companies related to the home building and construction industry, which has been sluggish, he said.
“If the home building industry climbs back to a normal level, we expect to see tremendous growth in occupancy as well as rent rates. The lack of like-kind projects planned or under construction in the near vicinity bodes well for Roosevelt Business Park, too,” Anderson said.
Roosevelt Business Park tenants will have far better access to other parts of the valley with the upcoming construction of the Loop 202 Freeway along 59th Avenue.
“The project has real upside,” Anderson said. “Each suite is turn-key ready, and the project has minimal deferred maintenance. The floor plans are flexible for a variety of users. We think the buyer’s timing on this acquisition in the current industrial cycle is ideal.”
