{"id":1004074326,"date":"2013-05-20T05:58:06","date_gmt":"2013-05-20T13:58:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004074326"},"modified":"2022-12-06T01:11:17","modified_gmt":"2022-12-06T09:11:17","slug":"iit-buys-808-ksf-industrial-development-in-mesa-ariz-pays-cash","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iit-buys-808-ksf-industrial-development-in-mesa-ariz-pays-cash\/","title":{"rendered":"IIT Buys 808 KSF Industrial Building in Mesa, Ariz.; Pays Cash"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004074329\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/iit-buys-808-ksf-industrial-development-in-mesa-ariz-pays-cash\/metro\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg\" data-orig-size=\"800,549\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"METRO\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg?w=800\" class=\"alignleft size-medium wp-image-1004074329\" title=\"METRO\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg\" alt=\"\" width=\"300\" height=\"205\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg?resize=300,206 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg?resize=768,527 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Industrial Income Trust, of Denver, a non-traded REIT, has purchased the 11-building, 808,400-square-foot Broadway 101 Commerce Park in Mesa, Ariz., for $77,002,000 in a cash deal, it was announced Thursday by Cassidy Turley. The closing took place the previous day, <em>Commercial Property Executive<\/em> was told by a spokesperson for Cassidy Turley, which represented the seller, Lincoln Property Co.<\/p>\n<p>Built in two phases in 2005 and 2007, Broadway 101 Commerce Park comprises five warehouses, three general industrial buildings and three office\/warehouse buildings. At 2140-2360 E. Broadway, the property is one-half mile from the Loop 101\/Price Freeway.<\/p>\n<p>The Cassidy Turley sales team included executive managing director Tom Powers; executive vice presidents Bob Buckley, Steve Lindley, Tracy Cartledge, Mike Haenel and Andy Markham; and vice president Marc Tuite. Powers works in Cassidy Turley\u2019s Cincinnati office, while the other six brokers are in the Phoenix office.<\/p>\n<p>Broadway 101 triggered \u201cexceptional buyer interest with major institutional investors including several that were new to the Arizona market,\u201d Buckley said in a release.<\/p>\n<p>In addition, Cassidy Turley has handled the leasing at Broadway 101 since the project\u2019s inception. The park is leased to a diverse tenant base that includes Worldwide Technology Holdings, PCT International, Aviall Services (a Boeing subsidiary), Mitel Networks, Siemens Water Technologies and Patterson Dental Supplies.<\/p>\n<p>&nbsp;<\/p>\n<p>While the property was in escrow prior to closing, the Cassidy Turley spokesperson told <em>CPE<\/em>, the property enjoyed additional lease-up, with its occupancy moving into the high 80 percent range.<\/p>\n<p>That\u2019s consistent with nearby properties, according to first-quarter 2013 market stats from Cassidy Turley, because the West Mesa submarket ended the quarter at 11.6 percent average vacancy.<\/p>\n<p>Overall, industrial space in metro Phoenix is doing dramatically better than just a year ago, according to the Cassidy Turley report, with user activity up sharply, strong net absorption, spec projects increasing and rents likely to rise 3 to 5 percent by year\u2019s end.<\/p>\n<p><strong>Like us on facebook:<\/strong>\u00a0<a href=\"https:\/\/www.facebook.com\/CPExecutive\">https:\/\/www.facebook.com\/CPExecutive<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrial Income Trust, of Denver, a non-traded REIT, has purchased the 11-building, 808,400-square-foot Broadway 101 Commerce Park in Mesa, Ariz., for $77 million in a cash deal.<\/p>\n","protected":false},"author":882,"featured_media":1004074329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,10],"tags":[],"class_list":["post-1004074326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IIT Buys 808 KSF Industrial Building in Mesa, Ariz.; Pays Cash - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iit-buys-808-ksf-industrial-development-in-mesa-ariz-pays-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IIT Buys 808 KSF Industrial Building in Mesa, Ariz.; Pays Cash\" \/>\n<meta property=\"og:description\" content=\"Industrial Income Trust, of Denver, a non-traded REIT, has purchased the 11-building, 808,400-square-foot Broadway 101 Commerce Park in Mesa, Ariz., for $77 million in a cash deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/iit-buys-808-ksf-industrial-development-in-mesa-ariz-pays-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-20T13:58:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T09:11:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/METRO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/iit-buys-808-ksf-industrial-development-in-mesa-ariz-pays-cash\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/iit-buys-808-ksf-industrial-development-in-mesa-ariz-pays-cash\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"IIT Buys 808 KSF Industrial Building in Mesa, Ariz.; 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