Four-Building Industrial Park in Phoenix Gets New Owner
- Nov 11, 2019
Rialto Capital Management has completed the purchase of Seventy5 Business Park, a four-building industrial complex in southwest Phoenix, from WLA Investments, as per Yardi Matrix. Both the buyer and seller were represented by Cushman & Wakefield in the $22.4 million deal.
The Class A 222,396-square-foot property was built in 2006 on a 14.4-acre lot and is currently 90 percent leased. It offers grade-level and truckwell loading, 18-foot clear height, as well as sky lights and climate control. It also provides increased visibility, as it has 1,300 feet of frontage on Interstate 10. Seventy5 Business Park includes smaller units, which are atypical in a submarket with a lot of large, big box distribution centers, Cushman & Wakefield’s Paul Boyle says.
The asset is situated at 7150 W. Roosevelt St. in southwest Phoenix, the largest industrial submarket in the Valley, according to the brokerage firm. It can be easily accessed from 67th and 75th avenues. Construction is underway to open full interchange access to Loop 202, expected to be completed in the following months.
Cushman & Wakefield’s Rick Danis, Gary Anderson and Mike Gilbert, along with Boyle, were part of the team that mediated the transaction.