Cushman & Wakefield announced the firm has advised the sale of a two advanced manufacturing industrial buildings totaling 193,993 square feet (SF) in Gilbert, Arizona. Located at 1250 and 1300 North Fiesta Boulevard in Phoenix’s Southeast Valley, the pair of freestanding buildings are 100% leased to a combined total of three tenants.
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The two assets sold for $19.05 million to a joint venture between SKB, a Portland based real estate investor, operator and developer specializing in Urban Industrial and Suburban Mixed-Use commercial properties, and Arc Capital Partners, a Los Angeles based institutional real estate owner and investment manager targeting middle-market investments in high barrier-to-entry Sunbelt markets. The seller was Nearon, a privately held real estate investment company based out of Walnut Creek, CA.
Cushman & Wakefield’s Private Capital Group in Phoenix consisting of Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented the buyer and seller in the transaction of the industrial buildings in Gilbert.
“SKB and Arc have acquired two premier industrial assets in the alluring and high-growth Southeast Valley submarket, which maintains solid occupier demand for industrial space. Based on the existing rent roll, we feel confident ownership is well-positioned to capitalize on this outstanding mark-to-market opportunity,” said Phil Haenel.
1250 North Fiesta Boulevard consists of one freestanding building totaling 45,072 SF on ±3.2 acres. The single-tenant property is 100% leased to Kaiser Garage Doors & Gates. 1300 North Fiesta Boulevard, more commonly known as Fiesta Tech Center, consists of one freestanding building totaling 148,921 SF on ±12.4 acres. The multi-tenant property is primarily leased to MKB Construction and Symage. The properties boast ample power, valuable excess yard space, and convenient access to Loop 101, US-60, and Loop 202.
Foster Bundy added, “According to Cushman & Wakefield’s latest Q3-2024 report, the Southeast Valley continues to show strong momentum. Despite elevated vacancy rates due to the influx of new construction, the area has seen nearly 3 MSF of industrial occupancy growth so far this year—one of the highest figures in the Phoenix market.”
