RREEF's investor client is getting $2.8 million for the Chandler Business Park along North Colorado and North Delaware streets in Chandler and $2.7 million for Roeser Business Park along South 36th Street in Phoenix. The buyer latched onto the 16-year-old parks for investment purposes, Joe Porter with the Phoenix office of CB Richard Ellis tells GlobeSt.com. He was the lone broker working the transaction.
Chandler Business Park is a 54,979-sf, multi-tenant industrial complex, made up of 10 buildings. It was 95% occupied at sale time.
Roeser Business Park is a 44,069-sf industrial complex with seven buildings. It was 75% occupied at sale time.
Porter says RREEF marked the properties for sale in fall 2001. They were part of a 284,298-sf Maricopa County industrial portfolio, originally priced at $15 million, that was divided into individual listings after the selling climate got more difficult post-Sept. 11. To date, the disposition has brought closings for 18,000-sf and 16,700-sf buildings. Porter says two more properties, totaling 79,000 sf, are in escrow and a 99,000-sf building, or the final component, is in lease up and will return to the market later this year. He confides that RREEF's client tossed the assets on the market because it wants to get out of Arizona real estate.
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