Mesa – A company formed by Industrial Income Trust (IIT) in Denver, Colo. (Dwight Merriman, CEO) paid $77+ million ($95.25 per foot) to buy a 808,419-square-foot commerce park located at the northwest corner of Dobson and Broadway roads in Mesa. The seller was Broadway 101 Ventures LLC, a company formed by RREEF Funds in Chicago, Ill. and Lincoln Property Co. in Phoenix. The cash sale was brokered through Bob Buckley, Tracy Cartledge, Steve Lindley, Mike Haenel, Andy Markham and Marc Tuite of Cassidy Turley in Phoenix, and Tom Powers of Cassidy Turley in Cincinnati, Ohio. The 11-building project, which was developed by the RREEF/Lincoln venture from 2005 to 2008, is 79 percent occupied. The Cassidy Turley agents in Phoenix have the leasing assignment. The 52.62-acre parcel has five warehouse structures, three general industrial buildings and three office-warehouse structures. Continue reading
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