Cushman & Wakefield announced today the sale of the Presson Portfolio, a 312,155 square foot (sf), three property portfolio in Tempe and Mesa, Ariz. Birtcher Anderson Realty, based out of San Juan Capistrano, Calif., purchased the portfolio for $26.57 million from Presson Companies.
The Presson Portfolio sale included three properties – Fairmont Commerce Center, 1919 E. Fairmont Dr. in Tempe; Carleton Business Park, 5005 & 5025 S. Ash Ave., 40 W. Baseline Rd. and 5030 S. Mill Ave. in Tempe; and Fiesta Tech Business Center, 2150 and 2220 S. Country Club Dr. in Mesa.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cushman & Wakefield represented Presson Companies during the transaction.
“The Presson Portfolio was an opportunity to acquire a substantial amount of sought-after business park real estate in two of the most dynamic Southeast Valley submarkets, Tempe and Mesa,” according to Buckley. “Birtcher Anderson Realty recognized the quality of the assets and their market positions.”
Fairmont Commerce Center is an 85,890 sf one-story, multi-tenant office/industrial building, built in 1981, with frontage on the I-10 “Broadway Curve”. Built in 1983, Carleton Business Park is a multi-tenant office/industrial business park consisting of a two-story office building and three single-story, multi-tenant industrial buildings. Lastly, Fiesta Tech Business Center consists of four, single-story, multi-tenant office buildings totaling 91,424 sf built in 1986.
Fairmont Commerce Center was 96.5% leased at the time of sale, Carleton Business Park was 89.5% leased and Fiesta Tech Business Center was 76.1% leased and all three projects are ideally positioned to take advantage of improving market conditions.