Cushman & Wakefield Arranges Sale of McShane Westside Business Park
13 Feb, 2008, Tolleson, AZ
The four- building McShane Westside Business Park at 86th Avenue and Buckeye Road has been sold for $73,000,000.
The property features four Class “A” industrial structures. Building One, located at 8590 W. Buckeye Rd. contains 164,210 square feet. Buildings Two and Three are located at 859 and 901 S. 86th Ave. and each contain 203,372 square feet. The fourth building, which is located at 8602 W. Buckeye Rd., contains 535,213 square feet of space.
The park was recently developed by a McShane/MetLife joint venture. The 86th Avenue Industrial Park, LLC sold the property to LBA Realty Fund III-Company IX, LCC of Irvine, Calif. LBA Realty acquired a major Bedford Properties portfolio several years ago and has created a vested interest in the Phoenix market.
“Phoenix has seen a huge influx of industrial activity because of its proximity to the Inland Empire of California and the shipping ports in that area,” said Chris Toci, executive director with Cushman & Wakefield of Arizona, Inc. “The ports of Long Beach and Los Angeles are now handling approximately 40 percent of the country’s container cargo, which creates a massive demand for warehouse/distribution space. As rental rates have risen in the Inland Empire and land for industrial development is depleted, companies are turning next to Phoenix as a major distribution point. Our city is a wonderful conduit for truck distributing from the ports to all regions beyond Phoenix, including Tucson, Albuquerque and others,” says Toci. “LBA Realty recognizes these logistic advantages to Phoenix. In addition, the firm believes in the long-term population growth for Phoenix and understands that additional residents will create demand for more housing, retail and warehousing.”
Toci and Ted Harrison of Cushman & Wakefield negotiated the sale transaction in coordination with Allen Lowe and Matt Hobaica of Lee & Associates Arizona, Inc.
Cushman & Wakefield is one of the world’s largest commercial real estate services firms. Founded in 1917, the firm has 201 offices in 55 countries, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, lenders and investors through every stage of the real estate process. These solutions include representing clients in the buying, selling, financing, leasing and managing of assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.