MESA, ARIZ. — Canyon Partners Real Estate LLC has completed the disposition of Broadway 101 Commerce Park, a Class A multi-tenant industrial park on 53 acres in Mesa. Irvine, Calif.-based CIP Real Estate acquired the asset for $168.3 million. Broadway 101 Commerce Park offers 809,230 square feet spread across 11 buildings, which were built from 2005 to 2007. The project is currently 98 percent leased to a roster of 34 tenants. Located at 2140-2360 W. Broadway Road, the industrial park features 125 grade-level doors and 109 dock-high doors.
Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the deal. The firm’s Mike Haenel, Andy Markham, Phil Haenel and Justin Smith provided local advisory services and were retained by the buyer to continue leading leasing for the project.
Additionally, Rob Rubano, Brian Share and Joseph Lieske of Cushman & Wakefield Equity, Debt & Structured Finance arranged a $93.8 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management on behalf of CIP Real Estate.