Cushman & Wakefield brokers Broadwood Business Centre in Mesa at $32.7M
Broadwood Business Centre purchased by Bendetti/Wesport Capital Partners
Staff Reports | Digital Free Press
Cushman & Wakefield advised the sale of Broadwood Business Centre, which is a 156,154-square-foot, multitenant light industrial property in Mesa.
The southeast Valley business complex can accommodate a broad range of user types, including showroom users, quasi retailers, manufacturers, distributors, according to a press release.
The complex consists of eight freestanding buildings found at 2452 W. Birchwood Ave. and three multi-tenant buildings at 2450 W. Broadway Ave. and 2451 W. Birchwood Ave. The property was 100% leased at the time of sale, Cushman & Wakefield representatives tell the Digital Free Press.
The property was acquired by the joint venture of Bendetti and Westport Capital Partners for approximately $32.7 million. The seller was Newport Beach, CA based BKM Capital Partners.
Cushman & Wakefield’s Bob Buckley and Tracy Cartledge of Cushman & Wakefield’s Capital Markets in collaboration with Will Strong, Michael Matchett and Molly Hunt of the firm’s national industrial advisory group—mountain west represented the seller in the transaction.
“Broadwood Business Centre is a classic, upscale multi-tenant business park in an optimal location and features a desirable mix of both small bay suites and freestanding single tenant buildings. The project offers flexible bay sizes allowing it to appeal to small/medium-sized users,” said Executive Director Bob Buckley. “The project is ideally positioned to continue to take advantage of market dynamics and exceptional market fundamentals.”
Mr. Strong offered similar sentiments of the property acquisition.
“Given the continued demand and competition for this type of industrial product, the complex is a compelling value-add opportunity to take advantage of the potential ongoing and anticipated demand and rental increases in the market for this type of asset in the coming years.”
