The office/warehouse building, situated along West McDowell Road in the Papago corridor, is the ninth Phoenix-area acquisition for the buyers. HARTCO's stake in the city is now up to 650,000 sf.
Bob Buckley, Insignia/ESG's managing director in Phoenix, and managing directors Steve Lindley and Tracy Cartledge brokered the deal. Buckley tells GlobeSt.com that the buyers are systematically selling off older properties in California and reinvesting in new office/warehouse properties in metro Phoenix. "The buyer sees Arizona as a good long-term market," Buckley says. The buyers will continue buying in the Phoenix market throughout the year.
The latest acquisition is ideally positioned "right off the freeway, is new construction and fits their strategy to buy multi-tenant properties," Buckley explains. Equally as important is the strength of Arizona's job market and the rosy outlook for financial success in the years to come by market forecasters, he says.
The First Commons at West 10 was purchased from First Industrial Trust, also represented by Insignia/ESG. The building currently is 87.9% occupied, with the lead tenant being a Sherwin Williams regional center.
The Chicago-based seller owns, operates and manages 84 million sf of industrial facilities in 25 locations nationwide. In metro Phoenix, First Industrial owns four properties and maintains an office at 2425 E. Camelback Rd. Just recently, the REIT also sold 14.6 acres to the Carpenters and Joiners Union.
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