Cushman & Wakefield completed the sale of Kachina Industrial Park, located at 1805-1850 W. Drake Drive in Tempe on behalf of Northern California-based Kieckhefer Properties. Libitzky Holdings LP of Emeryville, Calif. purchased the property for $19.1 million.
Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller.
Kachina Industrial Park is an eight-building, 202,941-square-foot general industrial property. The modern, high-image, multi-tenant complex is a well built, low- to mid-buildout general industrial property with flexible loading and suite configurations to accommodate a variety of tenants.
With a current occupancy of 98.7 percent, to high-credit tenants, Kachina Industrial Park is well located within the Tempe submarket, one of the strongest and most dynamic industrial areas in Metro Phoenix.
“The acquisition supports strong intrinsic value and stable income with the potential to boost performance by implementing a proactive rollover program focused on upgrading lease rates to market in one of the strongest markets in Metro Phoenix,” said Buckley.