You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value. Phone / Prefer cell: 520-975-5207
Office: 480-948-5554 or email me walterunger@ccim.net. – What is a CCIM.
In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want the me to get you the value of your property.
CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
Real Estate / Big Deals / 9/5/2022 BIG DEALS | KYLE BACKER
Phoenix-based developer Creation announced on June 22, 2022, the sale of 10 West Commerce Park in Buckeye for $130 million — a new high-water mark for industrial building transactions within the municipality. The 860,602-square-foot facility — now home to a Funko distribution center — was sold to Intercontinental Real Estate Corporation in a joint venture with an affiliate of Cohen Asset Management.
“This transaction is significant because it cements Buckeye as the premier emerging industrial submarket in the Southwest Valley for employers,” says Grant Kingdon, vice president of transactions for Creation. “Investors and developers of employment facilities have taken note of the potential that exists in Buckeye and will continue to invest in the community, which will in return attract industry-leading employers to the area for many years to come.”
Will Strong, vice chairman at Cushman & Wakefield, notes that the origins of the deal can be traced back to another transaction in Buckeye that his company represented. Discount store chain Five Below chose the city to be the home of its Western U.S. distribution center, building an 850,000-square-foot facility that is expected to bring 290 jobs to the community over five years.
“Creation knew there was all this great tenant activity taking place, so they bought the land for [10 West Commerce Park] next to Five Below,” he says. “Funko showed up and leased it for 10 years, and they are moving their entire western U.S. operations into this building. And then we came in with an offer from Cohen Asset Management — who historically has been one of the largest and most active industrial buyers in the market — and they purchased it and we closed upon completion of the building.”
SEE IT ALL: https://azbigmedia.com/real-estate/big-deals/10-west-commerce-park-sale-breaks-buckeye-record/
About AZ Big Media https://azbigmedia.com/
Tier 1 market
In a metro area like Greater Phoenix — which, to the outside observer, looks like one contiguous city — what is good for one municipality often aids others. Industries tend to cluster together, as evidenced by the growing electric vehicle sector in the East Valley and Pinal County. As more companies see Metro Phoenix as a viable place to do business, communities — including Buckeye — prosper.
“The Phoenix Metro is the beneficiary of a handful of unique market tailwinds,” Kingdon explains. “The first is our proximity to the land-constrained and expensive Inland Empire. As rental rates and land pricing in the Inland Empire continue to soar at record rates, tenants are looking to other markets for cost-effective options. The Phoenix Metro (Southwest Valley in particular) is the most logical option to relocate to from the Inland Empire.”
10 West Commerce Park is one example of that dynamic, having not only broken the record for highest gross industrial building sale in Buckeye but was also the first in the city to be built speculatively. Without evidence of sufficient demand, building speculatively can be a risky proposition.
READ ALSO: Here’s why $142.5M West Valley land deal took decades to close
“Phoenix historically had a rap for being this boom-and-bust housing town,” Strong says. “But all these companies have come here over the last 10 years. We used to do 5 million square feet of net absorption. Last year, we did 27 million feet, and we’re going to blow past that this year. My gut intuition tells me 70% of what’s on the market right now is committed to in one way or the other, whether it’s officially been leased out by a company, or it’s more likely than not that a user is going to take the building.”
Many users, Strong continues, want to be as close to California as possible, but they also need labor, a pro-business community and housing for employees. He describes Buckeye as “ground zero” for companies searching for locations that fit that description.
“Phoenix is now looked upon as a primary market,” Strong notes. “We have all the diversity in the economy that you would expect from a very mature market. [Capitalization] rates and pricing are moving in this interest rate environment, the same direction as other primary markets.”
Kingdon agrees, adding, “Despite broad market volatility, industrial building sales in Phoenix will continue to trade. Phoenix has transitioned into a Tier 1 coastal gateway market that continues to attract industry-leading investors.”
Can it last?
As more businesses choose to locate in the Valley, the effects of supply and demand have made their mark on the market. A Kidder Matthews second quarter 2022 industrial market report notes that “Investors are bullish on the Phoenix industrial market and strong buyer competition has driven sales prices to an all-time high of $171 [per square foot] in [the second quarter]. The buyer pool has deepened in the local market, especially with California-based investors that seek affordability and value when compared to their own state.”
Even with elevated prices, Strong believes Greater Phoenix is still well positioned to attract more investment. “The rents have so much more room to grow, so there’s a lot of intrinsic value that exists in these buildings,” he concludes. “Buildings and land sell for two and three times in Southern California and other places, so if you compare Phoenix to some of these other markets, it’s not even close. Even prices are inching up, there’s still a ton of room to run.”
SEE IT ALL: https://azbigmedia.com/real-estate/big-deals/10-west-commerce-park-sale-breaks-buckeye-record/
About AZ Big Media https://azbigmedia.com/
FROM ME: FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international
DISCOVER WHAT IS HAPPENING IN ARIZONA
History of Arizona from 900 BC – 2017 -Timeline.
What is a CCIM. In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want the me to get you the value of your property.
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
Click here to find out what is a CCIM:
CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
DISCOVER WHAT IS HAPPENING IN ARIZONA
History of Arizona from 900 BC – 2017 -Timeline.
Walter Unger CCIM cell: 520-975-5207 walterunger@ccim.net
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY LISTINGS.
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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