Arizona

PHOENIX — Cushman & Wakefield has arranged the sale of a last-mile industrial portfolio, totaling 491,152 square feet in Phoenix. The two-building portfolio consists of Canal Crossing, a single-tenant building totaling 155,144 square feet on 10 acres, and Riverside @ 51st, a 336,038-square-foot multi-tenant building on 19.4 acres. At the time of sale, the properties were fully occupied. LaSalle Investment Management acquired Canal Crossing, and Link Logistics purchased Riverside @ 51st. The seller was a joint venture between a privately held national real estate company and a global investment management firm. The prices were not disclosed. Located at 5670 S. 32nd St., Canal Crossing is fully occupied by a leading distributor of aftermarket automotive and RV equipment and accessories in North America. Built in 2015, the facility features 30-foot clear heights, a 130-foot truck court, 37 dock-high doors, two ground-level doors and ESFR sprinklers. Located at 2300 S. 51st Ave., Riverside @ 51st is fully leased to five tenants. Built in 2007, the property features 30-foot clear heights, 135- to 185-foot truck courts, 91 dock-high doors, six ground-level doors and ESFR sprinklers. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group brokered the …

PHOENIX — Minneapolis-based The Meritex Co. has acquired a flex industrial building, located at 3930 E. Watkins St. in Phoenix. Simone Charitable Foundation sold the asset for $20.3 million. Built in 1999 on 7.9 acres, the 101,932-square-foot building was fully occupied at the time of sale. The property is located near Sky Harbor International Airport. Brian Ackerman of Colliers handled the sale transaction and assisted in structuring the financing for the seller.

TEMPE, ARIZ. — BKM Capital Partners has purchased two multi-tenant industrial parks in Tempe for $48 million, or $178.80 per square foot, from Stockbridge Capital Group. The properties, Gateway University Park I & II, total 268,409 square feet of industrial space. At the time of sale, the asset was 99 percent leased to 77 tenants. Located at 1605-1635 and 1705-1797 W. University Drive, the assets consist of 16 tilt-up buildings offering 81 units that range in size from 1,712 square feet to 22,352 square feet. Built in 1982 and 1983, the properties feature two dock-high and 106 ground-level loading doors, 16-foot to 22-foot clear heights and a parking ratio of 3.73 per 1,000 square feet. BKM plans to implement a $2.4 million capital improvement plan to update the asset’s efficiency and bring the building up to the brand’s standards. Planned improvements include upgrades to the roofs, parking lots, landscaping, HVAC systems, signage and paint scheme. Will Strong, James Carpenter, Kirk Kuller, Robert Buckley, Tracey Cartledge, Michael Matchett and Molly Hunt of Cushman & Wakefield represented BKM in the transaction.