CIP Real Estate has recently acquired Broadway 101 Commerce Park in Mesa for a total of $168.3 million. This industrial asset spans over 809,230 square feet and is comprised of 11 buildings situated on a spacious 53-acre lot.
The sale and acquisition financing for this deal was advised by Cushman & Wakefield, who also claims that the transaction set multiple local records. These include being the largest industrial sale in Phoenix during the year of 2024, as well as being both the biggest legacy industrial sale and single transaction for an industrial park in Phoenix’s Southeast Valley to date. The seller involved in this deal was Canyon Partners.
Originally built between the years of 2005-2007, this property is currently leased at an impressive rate of approximately98% to a diverse group consistingof34 tenants.
Representingthe sellerinthis significanttransaction were Will Strong,Michael Matchett,and Molly Hunt from Cushman & Wakefield’s National Industrial Advisory Group based outofthe Mountain West region.
Furthermore,Cushman&Wakefield’s Equity, Debt,&Structured Finance team playeda crucial rolein securing fundingforthis acquisition.They successfully arrangedan impressive$93.8 million loan from institutional investors advised by J.P.Morgan Asset Management,on behalf ofCIP Real Estate.
In summary,CIPRealEstatehasrecentlycompletedthepurchaseofMesaCommerceParkforatotalprice tagof$168.3million.Thisindustrialassetencompassesover800squarefeetandconsistsof11buildingson53acres.ThetransactionwasadvisedbyCushman&WakefieldandsetseverallocalrecordsincludingbeingthelargestPhoenixindustrialsalein2024,largestlegacyindustrialsaleinhistory,andlargestsingletransactionforanindustrialparkinthecity’sSoutheastValley.Thepropertyiscurrentlyleasedto34tenantswitha98%occupancyrate.Cushman&Wakefield’sNationalIndustrialAdvisoryGrouprepresentedthesellerwhiletheirEquity,Debt,&StructuredFinanceteamsecuredafundingof$93.8millionfrominstitutionalinvestorsadvisedbyJ.P.MorganAssetManagementonbehalfofCIPRealEstate.
