IndustrialNews

Cushman & Wakefield Arranges Sale of Flex Industrial and Office Property in Phoenix, AZ’s Southeast Valley for $17.4 Million

The property is two-thirds leased, located near the I-10 Freeway and surrounded by amenities.

Cushman & Wakefield announced today the firm has brokered the sale of Mountain Vista Commerce Center, a 134,713-square-foot flex industrial and office complex located in the prestigious Ahwatukee Foothills neighborhood of Metro Phoenix, Arizona’s Southeast Valley. The multi-tenant asset was approximately 62% leased at the time of sale and was acquired by Dallas-based Westmount Realty Capital, LLC for $17.4 million. The seller was Northstar Commercial Partners.

Cushman & Wakefield’s Eric Wichterman, Mike Coover, Steve Lindley, Bob Buckley and Tracy Cartledge represented the seller in the transaction.  Adam Tolson of Lee & Associates provided market leasing advisory.

“Mountain Vista Commerce Center is perfectly positioned to rapidly return to full occupancy and provide solid long-term cash flow and stability,” said Eric Wichterman, Executive Managing Director. Mike Coover, Managing Director added “The project’s vacancy is concentrated in one building improved with cutting edge ‘plug and play’ office space that includes furniture and equipment. At the close of escrow there were significant prospective tenants pursuing the space.”

Mountain Vista Commerce Center consists of three high quality buildings situated on more than 10 acres. One of the buildings is a state-of-the-art corporate office property and the other two buildings are flex industrial properties.

The property provides convenient freeway access and direct visibility from Interstate 10. It also benefits from a land-constrained location in the prestigious Ahwatukee Foothills area, surrounded by upscale housing, shopping, and dining.