Photo Courtesy of Cushman & Wakefield
By YourValley
A 16-acre office-to-industrial conversion redevelopment site in Tempe was recently acquired by Creation RE + PE, CrossHarbor Capital Partners and Amherst for $13.5 million.
The joint venture will be developing a brand-new, Class A shallow-bay industrial campus totaling 273,341 square feet across three buildings, a press release explained. The seller was Amherst, who will retain a co-general partner interest after previously serving as the lender on the occupied office building and foreclosed on the asset when the tenant vacated.