Global Bridge Partners of Irvine has spent $3.4 million for the multi-tenant industrial complex, taking control under the entity of Chandler Business Park Ventures LLC. The plan is to sell off the 10 buildings to private investors, following the same exit plan that the partnership has used with several other Arizona properties. "That is (Global Bridge Partners) forte," Paul Boyle, senior vice president with Grubb & Ellis/BRE Commercial, tells GlobeSt.com. "They look for properties that can be converted into freestanding industrial sales."
Boyle says the fully occupied business park at 3145 to 3185 N. Colorado St. has already received full approvals from the City of Chandler to be converted into separate single-owner properties and currently is on the market at prices ranging around $85 per sf. The Irvine-based investment partnership picked up the complex for $62.55 per sf with an unsolicited offer to seller International Capital Partners of Scottsdale.
The partnership has used the same sales strategy before in Tucson where it bought and then sold about 360,000 sf in separate business parks in that city, Boyle says. The group also recently purchased a business park in Albuquerque, NM with the same intention, he confides.
In addition to Boyle, Rick Danis and Steve Mardian, also with Grubb & Ellis/BRE Commercial, assisted seller and buyer in the transaction. The trio of Grubb & Ellis brokers also are charged with marketing the individual buildings for Global Bridge partners.
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