Cassidy Turley* announced Tuesday that San Francisco-based Stockbridge Capital Group, LLC, a fully independent real estate investment management firm, has closed on five of six properties that are part of a multi-tenant industrial portfolio in metro Phoenix for $53.16 million.
Stockbridge is under contract with plans to close on the sixth building located in Tempe in December for $1.24 million. The seller of all six properties is PS Business Parks, LP (NYSE: PSB) of Glendale, CA. The total portfolio includes ±678,887 square feet of multi-tenant industrial space.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the seller.
“The portfolio represented a rare opportunity to acquire a critical mass of multi-tenant industrial parks in irreplaceable, land-constrained locations” said Lindley, “The buyer will benefit from market-leading properties and significant upside.”
Built between 1980 and 1987, the properties in the portfolio include: Corporate Park, an 18-building, 199,581 square foot project at 2342 W. Peoria Ave. in Phoenix; Metro Business Park, a four-building, 110,004 square foot project at 2320 W. Peoria Ave. in Phoenix; Mesa Station, a four-building, 78,038 square foot project at 1833 W. Main St. in Mesa; University 1, a 12-building, 199,835 square foot project at 1705-1797 W. University Dr. in Tempe; University II, a four-building, 68,574 square foot project at 1605-1635 W. University Dr. in Tempe; and McKellips Business Park, a single-building, 22,855 square foot property at 1733 E. McKellips Rd. in Tempe. The sale of McKellips Business Park is scheduled to close in December. The portfolio was 87% occupied at the time sale.
Stockbridge has retained Cassidy Turley for the property management [WB1] assignment for the entire six property portfolio.
*Cassidy Turley announced in a press release on September 22 that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the Consortium that agreed to acquire DTZ), to sell 100% of the equity interests of Cassidy Turley. The agreement is subject to customary closing conditions and is dependent on Cassidy Turley’s combination with the operations of DTZ Group (DTZ) to create a global, full-service commercial real estate services company. The Consortium’s acquisition of DTZ closed November 5, 2014. The acquisition of Cassidy Turley is expected to close December 31, 2014.
