MIG Real Estate Sells Phoenix Industrial Asset

Gateway Technology Commerce Center. Image courtesy of Cushman & Wakefield

Libitzky Property Cos. has purchased Gateway Technology Commerce Center, a fully occupied, Class A industrial park totaling 138,692 square feet in Mesa, Ariz., for $25.4 million. Cushman & Wakefield worked on behalf of the seller, MIG Real Estate, which had picked up the property in 2021 for $21.4 million.

Constructed in 2019, the two-building industrial campus is located at 7535 E. Ray Road and offers 24-foot clear heights, ESFR sprinkler systems, a 180-foot truck court and 291 parking spots, according to CommercialEdge. The property’s tenant roster has six tenants, including Soul Fast Electric Bikes and Lennox.

Situated on a nearly 10-acre lot in the high-demand Southeast Valley area, Gateway Technology Commerce Center is located between Loop 202 and Phoenix-Mesa Gateway Airport, 28 miles from Phoenix Sky Harbor International Airport and within 33 miles of Phoenix.

Cushman & Wakefield Vice Chairman Eric Wichterman, Executive Director Steve Lindley, Executive Managing Director Alexandra Loye and Managing Director Mike Coover, assisted by the company’s National Industrial Advisory Group’s Executive Vice Chairman Will Strong and Associate Molly Hunt negotiated on behalf of MIG Real Estate.

Earlier this month, Cushman & Wakefield’s Strong and Hunt assisted in another Phoenix industrial transaction. Oxford Properties sold a 249,904-square-foot industrial property in West Valley’s Tolleson, Ariz., for $38.2 million. Earlier in March, Fidelity Investments paid $40.2 million for a two-building industrial property in Chandler. Totaling 216,322-square-foot, the Class A asset is fully occupied.