Commercial Properties, Inc./CORFAC International (CPI), Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of Broadway Commerce Center in Phoenix, Arizona. Built in 1987, the 96,723 SF industrial/flex property portfolio is conveniently located off I-10 at 40th Street and Broadway Road on the Southeast corner of the intersection.
Tyson Breinholt’s Team and Leroy Breinholt of CPI represented both sides on this portfolio sale for owners C. Leroy & Glenna Breinholt. Tyson commented, “This was a challenging transaction with a land lease in place that required an organized approach. Our team kept all parties informed throughout the process of having the land lease assigned to the new buyers. The land lessor worked closely with us, the sellers, and the new buyers which ultimately made this a smooth transaction.”
Kia Ora, LLC was the buyer, a California1031 buyer, who purchased the portfolio for $4.975 million/$51.44 P.S.F.