Commercial Properties, Inc./CORFAC International (CPI), Arizona’s largest locally-owned commercial real estate brokerage, is pleased to announce the sale of 374,785 square feet of Industrial Small-Bay real estate.
Power Commerce Park – A 146,052 square foot Class A Industrial Small-Bay Complex in the Southeast Valley of Phoenix, Arizona, consists of 12 buildings for 16 tenants. Built in 2023, it was strategically designed and built to be the highest quality industrial buildings with yards, allowing for total flexibility to the tenant’s needs. The site is adjacent to Elliot Road Tech Corridor and Phoenix-Mesa Gateway Airport, and just minutes from Arizona State University-Polytechnic Campus, and the Loop 202 and US-60 offer exceptional freeway connectivity.
David Bean, of The Leroy Breinholt Team, stated, “We were fortunate to be a trusted partner with Mr. Dale Cavan from the very start of this project, identifying the raw land to develop this project. Power Commerce Park, developed by Cavan Commercial, delivered an exceptional small-bay industrial product that is under-served in the Phoenix marketplace. We helped advise through the construction process, we handled the pre-leasing, and once the project was fully leased, CPI promoted the property for sale as a Class A Investment representing the seller, Dale Cavan of Cavan Commercial. The buyer was Richard Scheinfeld of Top Ten Properties. Power Commerce Park sold for $55,000,000 / $376.57 per square foot.
Top Ten Properties portfolio – A 228,733 square foot portfolio of Industrial properties in Phoenix, Arizona, consists of Carleton Square at 1711-1741 W Rose Garden Lane, Top 10 Business Center located at 4845 & 4855 W McDowell Road, and Valley Commerce Center at 4810 – 4828 S 40th Street. The owner, Richard Scheinfeld, decided to sell off these assets in an off-market deal. Scheinfeld commented, “The Leroy Breinholt Team at Commercial Properties, Inc./CORFAC International, helped me identify an opportunity to trade out some properties to invest in a newer small-bay industrial project and get top dollar for my existing properties located in Phoenix. This enabled me to reinvest in a newer product type for my portfolio that wouldn’t have happened without the Leroy Breinholt Team and David Bean’s help.”
The buyer, SpeedBay purchased the Top Ten Properties portfolio as their first acquisition in the Phoenix market, was represented by KBC Advisors Top Ten Properties portfolio sold for $43,750,000 / $191.27 per square foot.
For additional information, please contact David Bean at dbean@cpiaz.com or (480) 214-1105, or Cory Sposi at csposi@cpiaz.com.
About SpeedBay
Speed Bay is sponsored by Academy Partners Group, a leader in institutional real estate with a robust network of diverse industry connections built on decades of experience. The principals of Academy Partners co-founded Black Creek Group, a leading real estate investment firm that successfully acquired or developed nearly $25 billion in assets over its three decades of operation. www.speedbay.com
About Commercial Properties Inc.
Established in 1981, Commercial Properties Inc. (CPI) is a full-service brokerage and property management firm for all product types of commercial real estate. Headquartered in Tempe, the company has more than 65 brokers and is operating throughout the Phoenix metropolitan area. Currently, CPI’s listings include over 21.6 million square feet for sale/lease with more than 200 projects and associations under management, totaling over 12 million square feet.
CPI is the Phoenix affiliate of CORFAC International, comprised of privately held brokerage and property management service providers in more than 70 national and international markets. To learn more, please visit us online at www.cpiaz.com
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