Arizona

CHANDLER, ARIZ. — Creation has completed the disposition of Midway Commerce Center, a master-planned industrial park in the Phoenix suburb of Chandler. Boston-based Longpoint Realty Partners purchased the asset for $57 million. Located at the northeast corner of Germann Road and Hamilton Street, Midway Commerce Center consists of three buildings offering a total of 301,994 square feet of light industrial space on 18.3 acres. Will Strong and Molly Hunt of Cushman & Wakefield handled the transaction. Ken McQueen, Chris McClurg and Blake Peters of Lee & Associates supported leasing efforts and will remain involved following the sale. LGE Design Build completed construction of Midway Commerce Center earlier this year.

TEMPE, ARIZ. — LBA Logistics has completed the disposition of University Logistics Center, an industrial and logistics building on nine acres in Tempe. Setna iO and Setnix, an owner/occupier, acquired the asset for $27.5 million. Located at 1345 S. 52nd St., the 112,300-square-foot facility features 3,500 square feet of office space, 32-foot clear heights, three dock-high doors, 10 drive-in load doors, three truck wells, a concrete truck court, 18 new windows, storefront entry for will call, new LED lighting for the interior space and parking areas, secured parking and trailer storage and multiple points of ingress/egress. Additionally, the property offers 494 parking spaces. The buyer plans to use the facility to expand its operations, which focuses on aftermarket aircraft parts supply and high-tech airplane parts machining and repair. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, while Todd Hamilton of Citywide Commercial Real Estate, along with Denise Stain Chaimovitz of Entre Commercial Realty, represented the buyer in the deal.

GLENDALE, ARIZ. — CRG has completed the sale of The Cubes at Glendale – Building B, an industrial warehouse facility in Glendale. Funds and accounts managed by BlackRock acquired the asset for an undisclosed price. Located at 15301 W. Northern Ave., The Cubes at Glendale – Building 3 features 1.2 million square feet of Class A industrial warehouse space, 40-foot clear heights, loading, trailer parking, gated and secured concrete truck courts, substantial power, K25.2 ESFR sprinklers, moment framing, heavy industrial zoning and two existing groundwater wells within the park. At the time of sale, the facility was fully occupied. Clayco, CRG’s parent company, served as design-builder and Lamar Johnson Collaborative, CRG’s subsidiary, served as architect. Situated on 335 acres, The Cubes at Glendale features 4.8 million square feet of industrial space. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction.

GLENDALE, ARIZ. — EQT Exeter, a real estate division of EQT, has purchased Falcon Park 303 – Phase II, a 326,018-square-foot, Class A industrial building on more than 21 acres in Glendale. US Capital Development (USCD) and an institutional investor sold the asset for $50 million. A single tenant occupies the freestanding building, which was completed on a speculative basis in 2023. Totaling 925,504 square feet, Falcon Park 303 – Phase I and II are located at 15132 and 15152 W. Camelback Road, respectively. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the sellers in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale, as well as brokered the full-building lease with the existing tenant in fourth-quarter 2023. In 2023, the Cushman & Wakefield team brokered the sale of Falcon Park – Phase I to Cohen Asset Management for $81.7 million, while the Cushman & Wakefield equity debt structured finance team arranged the financing for the buyer.