Intravest Takes N. Phoenix Flex Building for $19M
- Nov 13, 2012
Intravest Development L.LC. has purchased a 145,000-square-foot flex industrial building in North Phoenix. This $19.06 million acquisition marks the first commercial asset in the investor’s portfolio, the Phoenix Business Journal reported.
“This is the first in the line of several transactions Intravest Development plans to complete in the commercial real estate sector over the next 18 months,” commented Thomas M. Roskos, Intravest’s CEO. Robert Lundstedt of Daum Commercial represented Intravest in the transaction. Johnson Bank provided financing for the buyer.
Prior to its latest acquisition, Intravest had focused on multi-family properties in Greater Phoenix, the Business Journal noted.
Located west of I-17 and north of Greenway Road, the building serves as the headquarters of Climatec, a building technology company, under a 10-year, triple-net lease. Before Climatec moved in five years ago, the building was occupied by Hypercom Corp., the Business Journal reported. The property earned an Energy Star rating in 2011.
Intravest wants to capitalize on the positive momentum in the Greater Phoenix commercial market, the firm’s principals explained in a statement. The vacancy rate for the metropolitan Phoenix industrial market dropped to 11.1 percent during the third quarter, marking the 10th consecutive quarter of positive absorption, CBRE Inc. reports. Twenty-two of its 28 submarkets registered absorption on the plus side. So far this year, the market has absorbed 6.1 million square feet (see chart below).
Photo courtesy of Climatec
Chart courtesy of CBRE Inc.