Captiva Partners, a real estate investment and operating firm specializing in industrial and flex properties across the west coast, has announced the off-market acquisition of a 40,075-square-foot multi-tenant small-bay industrial property in Tempe, marking its entry into the Phoenix market.
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Captiva Partners, a real estate investment and operating firm specializing in industrial and flex properties across the west coast, has announced the off-market acquisition of a 40,075-square-foot multi-tenant small-bay industrial property in Tempe, marking its entry into the Phoenix market.
Captiva plans to rebrand the property, located at 2209-2211 W 1st St., as First Street Commerce Center and implement a comprehensive value-added business plan to elevate its appeal and functionality, a press release explained.
Planned enhancements include new signage, refreshed landscaping, exterior painting and upgraded interiors, reflecting Captiva’s commitment to meeting the needs of today’s tenants seeking high-quality, flexible spaces.
Captiva Partners managing partner Brian Abers said in the release that the First Street Commerce Center is an ideal opportunity for the firm to apply its proven approach to “repositioning infill multi-tenant industrial properties.” He noted that the location and features of the property align with Captiva’s investment criteria.
“This acquisition represents a significant milestone for Captiva Partners as we expand into one of the fastest-growing markets in the country,” Abers said.
Cory Breinholt of Commercial Properties, who represented both Captiva and the seller, commented on the successful transaction in the release, saying that the transaction highlights their commitment to building strong relationships and meeting their clients’ goals.
“Captiva Partners recognized the unique value of this property, executed on a tight timeline, and their plans for its future will make a meaningful impact in Tempe,” Breinholt said.
The Phoenix market continues to exhibit exceptional resilience, fueled by demand from a broad spectrum of industries and rapid population growth, the release stated. Tempe, in particular, boasts strong demographics, excellent connectivity, and high barriers to entry, making it a prime market for Captiva Partners’ expansion.
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