14-Building, 99,226-SF Business Park Nets $5M

The buildings, known as McDowell West Business Park, were all part of the Maricopa County Industrial Portfolio owned and managed by Rreef. Built in 1988 at 1401 to 1468 N. 26th Ave., the 14 freestanding buildings collectively total 99,226 sf.

Steve Sayre with Cushman & Wakefield of Arizona Inc.'s local office tells GlobeSt.com that the new owner plans a sell-off some of the properties, each ranging from 6,000 sf to 10,000 sf, but will keep a portion of the assets to balance its Arizona holdings. Sayre says the portfolio was an appealing buy for the new owner because the class B buildings' sizes and quality allows for their easy lease-up or sale.

The buildings, all situated on individual parcels on the northwest corner of the freeway interchanges, are about 70% occupied by local businesses and are expected to appeal to smaller industrial users, Sayre says. "It's difficult for buyers to find buildings of this quality and in these sizes and price ranges," he adds. "It gives buyers an opportunity to get a smaller building that really fits their size instead of buying something larger."

Sayre along with Pat Harlan, also with Cushman & Wakefield, represented the buyer in the transaction and will be handling the resale. The seller was represented by Joe Porter, Pat Feeney and Dan Calihan, all with CB Richard Ellis Inc. in Phoenix.