Cushman & Wakefield announced today that Interstate Commerce Center in Tempe sold to Phoenix-based investor RW Partners, LLC for $6.74 million.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cushman & Wakefield represented the seller in the transaction, Turner Real Estate, LLC.
Located in the Tempe and Sky Harbor Airport submarkets, Interstate Commerce Center consists of five buildings totaling 83,385 sf of functional industrial space. The buildings are constructed with superior standards and offer efficient layouts and flexible build out configurations, 16- to 18-foot clear height and easily accessible loading.
“The Sky Harbor Airport and Tempe industrial submarkets are two of the most sought-after locations in metro Phoenix,” said Buckley. “Over the last 16 years occupancy in these markets has averaged over 91%, bolstering the continued desirability of property within these submarkets. As a result, Interstate Commerce Center attracted a lot of interest. RW Partners recognized the investment potential and proved to be the best match.”
Interstate Commerce Center lies just south and west of the Interstate 10’s “Broadway Curve”, which links three major freeway corridors: the I-10, the U.S. 60 and the 143 Hohokam Expressway. Immediately to the north of the center is Sky Harbor International Airport, one of the nation’s top tier airports. The 4.78-acre center was 100% occupied at the time of sale to a diverse tenancy with staggered lease expirations.