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INDUSTRIAL PROPERTY

California firms team to buy Mesa industrial property for $32.9M

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A joint venture of two California firms acquired Broadwood Business Centre in Mesa for $32.9 million, according to a press release.

The Broadwood Business Centre, comprised of eight freestanding buildings at 2452 W. Birchwood Ave. and three multitenant buildings at 2450 W. Broadway Ave. and 2451 W. Birchwood Ave. and totaling 156,154 square feet, was bought by a joint venture of Westport Capital Partners and Bendetti.

Real estate firm Cushman & Wakefield advised the sale of the light industrial park, which was previously owned by real estate fund manager BKM Capital Partners.

Broadwood Business Centre is near Loop 101, U.S. 60 and Loop 202. The property was 100% leased at the time of sale, according to a press release.

Bob Buckley, Cushman & Wakefield’s executive director for its Phoenix branch, and Tracy Cartledge of Cushman & Wakefield’s Capital Markets collaborated with Phoenix Executive Vice Chair Will Strong, Phoenix Senior Associate Molly Hunt and Costa Mesa Director Michael Matchett to represent the seller in the transaction.

“Broadwood Business Centre is a classic, upscale multitenant business park in an optimal location and features a desirable mix of both small bay suites and freestanding single tenant buildings. The project offers flexible bay sizes allowing it to appeal to small/medium-sized users,” Buckley said. “The project is ideally positioned to continue to take advantage of market dynamics and exceptional market fundamentals.”

The Broadwood Business Centre is able to accommodate a variety of uses such as showrooms, distributors, manufacturers and more.

“Given the continued demand and competition for this type of industrial product, the complex is a compelling value-add opportunity to take advantage of the potential ongoing and anticipated demand and rental increases in the market for this type of asset in the coming years,” Strong said.