Elliot Park 10 asset trades amongst California-based real estate investment firms
Cushman & Wakefield announced today the firm arranged the off-market sale of Elliot Park 10, a 95,300-square-foot multi-tenant industrial asset in Tempe, Arizona. Emeryville, CA-based Libitzky Property Companies acquired the multi-building property known as Elliot Park 10 from Newport Beach, CA-based BKM Capital Partners for $10.5 million. The property was 95% leased at the time of sale.
Bob Buckley and Tracy Cartledge with Cushman & Wakefield in Phoenix represented both parties in the sale.
“Libitzky owns an adjacent property and was therefore well aware of the excellent location dynamics for industrial in south Tempe. We approached the seller on their behalf and were able to consummate a transaction off market,” said Bob Buckley, Executive Director.
Situated in a convenient Tempe location, Elliot Park 10 comprises the addresses 1819–1849 W Drake Dr. and provides I-10 frontage. Built in the mid 1980s the asset underwent recent exterior improvements including new paint, roof and landscaping during BKM’s ownership. The property features dedicated and common truckwells, ample parking, and is positioned near the I-10 and US-60 freeways and retail amenities.