Cushman & Wakefield is brokering Broadwood Business Center in Mesa for $32.7 million

The complex consists of eight stand-alone buildings found at 2452 W. Birchwood Ave. and three multi-tenant buildings at 2450 W. Broadway Ave. and 2451 W. Birchwood Ave. The property was 100% leased at the time of the sale, Cushman & Wakefield told Digital Free Press.

The property was purchased by the joint venture of Bendetti and Westport Capital Partners for approximately $32.7 million. The seller was Newport Beach, CA-based BKM Capital Partners.

Bob Buckley of Cushman & Wakefield and Tracy Cartledge of Cushman & Wakefield’s Capital Markets, along with Will Strong, Michael Matchett and Molly Hunt of the firm’s national industrial advisory group, Mountain West represented the seller in the transaction.

“Broadwood Business Center is a classic, luxury multi-tenant business park in an optimal location and offers a desirable mix of both small apartments and single-tenant stand-alone buildings. The design offers flexible compartment sizes, allowing it to appeal to small/medium users,” said CEO Bob Buckley. “The project is ideally positioned to continue to take advantage of market momentum and exceptional market fundamentals.”

Mr. Strong offered similar sentiments about the property purchase.

“Given the continued demand and competition for this type of industrial product, the complex represents a compelling value-add opportunity to take advantage of the potential increases in ongoing and anticipated market rents and demand for this asset type over the coming years.”