Cushman & Wakefield announced today that Arcadia Corporate Park, located at the northeast corner of McDowell Road and 48th Street, sold to WLA Investment of Newport Beach, Calif. for $7.5 million.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cushman & Wakefield represented the seller in the transaction, Phoenix-based Presson Companies.
Arcadia Corporate Park is an eight-building, multi-tenant industrial complex totaling 109,143 square feet. Built in 1981, the property features grade-level loading doors servicing each suite and 14 ft. to 16 ft. clear height in warehouse areas.
“In Arcadia Corporate Park, WLA saw an opportunity to acquire a quality, well maintained multi-tenant industrial complex located in an infill location with virtually no sites available to build competitive new product,” said Buckley.
Encompassing 9.13-acres, Arcadia Corporate Park has excellent frontage on McDowell Road, one of the major east/west traffic corridors connecting Phoenix, Scottsdale and Tempe. “The exceptional curb appeal, with high-visibility creates strong location awareness to draw potential tenants and customers,” added Buckley.