The Calgary, Alberta-based pension fund adviser refurbished thebuildings to add value and has been piecemeal selling the 99,226-sfindustrial collection at the intersection of Interstates 10 and 17.To date, the sales have accounted for 56,309 sf in trades.
"That was their goal going in...acquire the project, add value,refurbish the entire project and sell as a portfolio," Steve Sayre,an associate director at Cushman & Wakefield of Arizona Inc.'sPhoenix office, tells GlobeSt.com.
Three additional buildings are under contract and three othersare available, Sayre says. The buildings have sold for $65 per sfto $68 per sf, some occupied by the buyers and some leased. Thepark's rents average 45 cents per sf.
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