Arc Capital, SKB Buy Phoenix Industrial Campus
The two-building asset previously changed hands in 2019.
SKB, in joint venture with Arc Capital Partners, has acquired Fiesta Tech Center, a two-building industrial campus totaling 243,370 square feet of space in Gilbert, Ariz., for $19.1 million.
Cushman & Wakefield worked on behalf of both parties. The seller was Nearon Enterprises, that owned the properties since 2019, according to CommercialEdge. The industrial campus previously changed hands for approximately $18.1 million.
Fiesta Center is 100 percent leased to Kaiser Garage Doors & Gates—fully occupying the first building—and MKB Construction and Symage.
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The two industrial buildings came online between 1987 and 1997 and are within the Southeast Valley submarket of Phoenix. Situated at 1250 and 1300 N. Fiesta Blvd., they feature 16-foot clear heights, dock levelers and bumpers, grade-level loading doors, eight dock-high loading doors each, office space and a total of 523 vehicle parking spots, according to CommercialEdge.
The some 16-acre industrial campus provides easy access to loops 101 and 202, while being 13 miles from Phoenix Sky Harbor International Airport, 19 miles from Phoenix-Mesa Gateway Airport and within 28 miles of Glendale, Ariz.
Vice Chairman Phil Haenel, Executive Vice Chairman Will Strong, Director Foster Bundy and Associate Katie Repine with Cushman & Wakefield’s Private Capital Group brokered the deal on behalf of both parties.
Pricy Phoenix among best-performing metros
Industrial deals in metro Phoenix totaled $1.9 billion as of September, according to a recent CommercialEdge report. Assets traded at an average sale price of $159 per square foot, above the national average of $130. Across Western markets, Phoenix outperformed Denver ($142 per square foot) and Central Valley ($129 per square foot).
One significant industrial transactions that closed earlier this year include EQT Exeter’s $60 million acquisition of a 641,906-square-foot asset in Buckeye, Ariz. The vacant property is part of a 145-acre master-planned project that will include 1.2 million square feet.
Earlier this month, Indus Realty Trust marked its first industrial acquisition in Phoenix with a $72.4 million purchase. The company picked up a 393,484-square-foot, fully leased distribution center from CBRE Investment Management.
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