Cushman & Wakefield, a global leader in commercial real estate services, has announced the $1.38 million sale of McKellips Business Park in Tempe, AZ. This completes the final property to be sold from the PS Business Parks portfolio, bringing the total portfolio sale price to approximately $54.5 million.
Singh Organic Soils purchased the 22,855-square-foot building located at 1733 E. McKellips Rd. as an investment. The McKellips Business Park building was constructed in 1980 and is 100 percent leased. The multi-tenant facility contains approximately 45 percent office space and 55 percent industrial use.
Senior Managing Directors Bob Buckley, Tracy Cartledge, Steve Lindley and Associate Ben Geelan with Cushman & Wakefield negotiated the transaction.
The PS Business Parks portfolio consisted of six buildings that offered approximately 678,887 square feet of multi-tenant industrial space. The portfolio was sold by PS Business Parks, LP (NYSE:PSB) of Glendale, CA. The first five buildings were purchased by San Francisco-based Stockbridge Capital Group, LLC in November 2014.
“Our group was honored to take the industrial portfolio to the market,” said Mr. Buckley. “The six-building collection offered high-quality facilities in land-constrained areas with great user appeal. This investor and Stockbridge Capital Group will benefit from significant upside opportunity with these properties.”