CBRE Brokers $9.19 Million Sale of Chandler Industrial Property
23 Jul 2020
PHOENIX – CBRE has negotiated the sale of a 96,000-square-foot industrial building at 6615 W. Boston Street in Chandler, Ariz. Ivanhoe/Evergreen acquired the property from Cabot Properties for $9.19 million.
Jackie Orcutt, John Grady and Jonathan Teeter represented both the buyer and seller in the transaction.
“Completing this transaction during a global pandemic speaks to the perseverance from all parties involved and demonstrates the strong appetite among investors for Phoenix industrial product,” said CBRE’s Orcutt. “The building’s prime Chandler infill location and quality, along with the metro’s underlying fundamentals, were key in getting Cabot’s first acquisition in Phoenix in several years across the finish line.”
6615 W. Boston Street was 100 percent leased at the time of sale to two tenants, including Advanced Circuits, Inc.
The property features 4,405 square feet of office space, 22-foot clear height, 11 dock-high doors, one grade-level door and up to 189 parking spaces. It is located in the heart of West Chandler’s infill manufacturing district offers access to Interstate10 and the Loop 202, which now provides access to the Southwest Valley labor pool.
Formed in 1986, Cabot was founded with the vision of bringing together a collaborative team of experienced real estate professionals dedicated to creating portfolios of profitable investments through the execution of sound and disciplined strategies. The six senior principals have collectively spent 18 years together executing industrial real estate transactions in markets across the U.S. and Europe and through multiple real estate cycles. In its 30 plus year history, Cabot has invested $9.6 billion in 181 million sf of industrial real estate, of which $7.3 billion has been realized. During this time, Cabot has managed and operated over 1,390 buildings comprised of over 3,800 tenants.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.