Investcorp Pays $60M for Phoenix-Area Asset
BankUnited provided more than $40 million in acquisition financing.
Pecos Commerce Center
Investcorp has acquired Pecos Commerce Center, a six-building industrial campus totaling 222,206 square feet in Mesa, Ariz. Maricopa County records show the buyer paid $60.3 million to Wilson Property Services for the fully leased asset. The property last traded in late 2010, when the current seller purchased it for $4.4 million, CommercialEdge data shows.
Investcorp financed the purchase with a $40.2 million floating-rate loan originated by BankUnited. JLL Capital Markets arranged the financing.
The JLL team included Executive Managing Director Michael Tepedino, Senior Managing Director Michael Gigliotti, Director Jason Carlos and Analyst Jarrod Howard. Last December, Tepedino and Gigliotti also led the team which secured more than $911 million in refinancing for 425 Park Avenue, a 47-story office tower in Midtown Manhattan.
A multi-tenant campus
Situated on nearly 18 acres at 7931 E. Pecos Road, the Class A industrial park features a 28-foot clear height with an average suite size of 4,700 square feet as well as truck courts between 40 and 60 feet. The multi-tenant property has 578 parking spaces at a ratio of 2.7 spaces per 1,000 square feet. The long list of tenants at the 2008-built campus includes Spooner, G & M Motorsports, CyberWeld and City Electric Supply.
Pecos Commerce Center is within the Southeast Valley Industrial submarket, less than 3 miles from Phoenix-Mesa Gateway Airport and within 5 miles of Loop 202. The submarket closed the first quarter with a 5.4 percent industrial vacancy rate, 50 basis points lower than the average for the metro, JLL research shows.
The Phoenix metro had 35.4 million square feet of industrial development underway during the same period, while 2.9 million square feet of new supply came online. In April, IndiCap teamed up with AECOM-Canyon Partners to acquire a 113-acre site in Mesa, with plans to develop a 1.6 million-square-foot industrial complex dubbed Eastmark Center. The location is within the Elliott Road Technology corridor near the $800 million Facebook Mesa Data Center.
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