CIP Real Estate has purchased Broadway 101 Commerce Park, an 809,230-square-foot Class A industrial park in Mesa, Ariz. Canyon Partners Real Estate LLC—the real estate direct investing arm of Canyon Partners LLC—sold the multitenant campus for $168.3 million.
Cushman & Wakefield brokered the sale and arranged the $93.8 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management.
Broadway 101 Commerce Park’s sale has achieved multiple local milestones, such as being the biggest industrial transaction in Phoenix last year or the largest single deal for an industrial park in the Southeast Valley of Phoenix.
At the time of the sale, the industrial park was 98 percent leased to a total of 34 tenants. The roster includes Mitel, Stars Healthcare, Branded Bills, Accu-Tech, Factory Motor Parts and Evoqua Water Technologies, among others.
Built between 2005 and 2007, Broadway 101 Commerce Park encompasses 11 warehouse and industrial buildings spread on some 53 acres. The facilities feature 125 grade-level doors, 109 dock-high doors, ESFR fire sprinklers, insulated ceilings, climate control and parking spaces.
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Executive Vice Chair Will Strong, Director Michael Matchett and Senior Associate Molly Hunt from Cushman & Wakefield’s National Industrial Advisory Group – Mountain West worked on behalf of the seller. Executive Vice Chair Rob Rubano, Executive Managing Director Brian Share and Managing Director Joseph Lieske from the Equity, Debt & Structured Finance team arranged the financing.
Back in August, CIP acquired Tully Business Center, a small-bay, 143,221-square-foot industrial park in San Jose, Calif. Dollinger Properties sold the asset for $40 million.
Phoenix’s strong industrial scene
Located 2140-2360 West Broadway Road, the industrial park is in Phoenix’s Mesa submarket, within a 67.5-acre master-planned park. Broadway 101 Commerce Park is centrally located near the Sky Harbor Airport/Tempe area, providing access to Loop 101, Loop 202 and US-60 freeways, as well as proximity to the light rail.
Phoenix’s industrial market continues to thrive, with the industrial sales volume reaching nearly $2.2 billion in 2024 through October, according to a recent CommercialEdge report. The average price per square foot stood at $162, with more than 15 million square feet of industrial space changing hands.
The metro also led the nation in terms of industrial development, despite a slowdown in construction starts. At the end of October, metro Phoenix had approximately 24.7 million square feet of industrial space under construction.