Creation has sold Midway Commerce Center, a 301,994-square-foot industrial campus in Chandler, Ariz., for $57 million. Longpoint Realty Partners bought the three-building property, its first such acquisition in Arizona.
Cushman & Wakefield brokered the deal on behalf of the seller. Lee and Associates offer leasing and marketing services.
The developer completed the Class A campus this year. It funded its development with three separate construction loans, totaling $34.1 million, originated by Western Alliance Bank in June 2022, according to CommercialEdge information.
READ ALSO: Top 5 Industrial Properties Under Construction in Phoenix
Constructed by LGE Design Build, the buildings range from 96,000 to 110,400 square feet and feature 32-foot clear heights. Rentable space is divisible by 30,000 square feet. The campus also has 130- and 185-foot truck courts, 342 parking spaces, 12 drive-in doors and 68 dock-high loading doors.
The buildings are at 1835, 1905 and 1975 S. Hamilton St., less than 2 miles from downtown Chandler and some 26 miles from downtown Phoenix. Phoenix Sky Harbor International Airport is within 20 miles northwest.
Cushman & Wakefield Executive Vice Chair Will Strong and Senior Associate Molly Hunt brokered the sale.
Phoenix leads in industrial development
Metro Phoenix had the largest industrial construction pipeline in the U.S. as of June, nearly 39.1 million square feet, according to the latest CommercialEdge report. Phoenix also ranked sixth for sales volume, with more than $1 billion in assets changing hands in the first half of the year. Facilities traded for an average of $165 per square foot, above the $139 national figure.
In June, Stonelake Capital Partners acquired two industrial buildings in Goodyear, Ariz., for $108 million. CIM Group sold the assets, which total 726,802 square feet.
Earlier this year, EQT Exeter purchased a 641,906-square-foot facility in Buckeye, Ariz., and rebranded it as I-10 Gateway. Developer BET Investments sold the vacant asset for $60.1 million.