DTZ, a global leader in commercial real estate services, announced today that Thackeray Partners and Trammell Crow Company sold I-10 West Business Center, a three building, multi-tenant industrial complex located one block south of Interstate10 between 55th and 57th Avenue. A Phoenix-based private investor, Kensington Investments, purchased the ±81,571 square foot property for $5.5 million.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with DTZ’s Capital Markets Group represented the sellers during the transaction. Jackie Orcutt with Cushman & Wakefield represented the buyer.
“I-10 West received very strong interest, indicating investors’ continuing preference for general industrial projects in Phoenix. There were a handful of qualified ‘bridesmaids,’ but Kensington rose to the top,” said Mr. Buckley.
I-10 West Business Center is located in the Southwest Phoenix submarket, metro Phoenix’s best performing industrial submarket during the first half of 2015, with just under 1 million square feet of net absorption. The project consists of three buildings at 5536 and 5546 West Roosevelt Street and 5545 West Latham Street on 5.5 acres with access from full-diamond interchanges at both 51st and 59th Avenues. I-10 West Business Center has historically had high occupancy, averaging over 90% for the past 15 years, and is currently fully leased. Built in 1986, the property’s functional and high-quality design, with dock-high and grade-level loading doors, 20-foot clear heights and low office build outs, has kept it competitive with more recently developed projects.