VIZZDA – May 17, 2013 – On May 15, 2013 the Industrial Income Trust–a non-traded REIT sponsored by Dividend Capital Group of Denver acquired the “Broadway 101 Commerce Park” in Mesa from Deutsche Asset & Wealth Management, formerly known as RREEF Real Estate. Andrea Karp, senior vice president of Dividend Capital Group, and James (Jim) E Toney, assistant vice president of Deutsche Asset & Wealth Management, closed the deal.
The Broadway 101 Commerce Park is an industrial flex commercial park located at the northwest corner of Dobson & Broadway roads in Mesa. It totals ±808,419 ft2 in eleven buildings on 52.61 acres. The project was built in two phases:
- Phase One is five buildings totaling ±307,886 ft2 built in 2005
- Phase Two is six buildings totaling ±500,533 ft2 built in 2007.
The project includes a total of 116 grade level roll up doors, 109 truck well doors and these buildings have a mix of clear heights from 16’ to 28’. This and other details about the property may be found here.
Phase One and Two were sold in separate, sequential, transactions. Phase One sold for $43,582,127 for ±307,886 ft2 or ±$141.55 per ft2 and Phase Two sold for $33,419,783 for ±500,533 ft2 or ±66.77 per ft2; overall the deal totals $77,001,910 for ±808,419 ft2 for ±$95.25 per ft2.
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Director of Research
Caveat Emptor: 2350 W Broadway, a ±96K ft2 building and part of Phase Two of this project, was not included in the recorded legal documents and may not have been included in the sale. For now we assume that this was a document-preparation oversight or scrivener’s error as this deal has been reported at 808K ft2 and so this building has been included this building in our calculations and numbers.