2/25/2008

Biltmore Holdings acquires five-property industrial portfolio in Arizona for $55M

by

Tempe Commerce Center

Phoenix, Ariz.-based Biltmore Holdings, LLC has purchased a portfolio of five flex industrial properties totaling 515,722 square feet in Tempe and Chandler for $55.5 million from DMC Investment Group.

Bob Buckley, Tracy Cartledge, Steve Lindley of Grubb & Ellis/BRE Commercial represented both parties in the transaction.

The portfolio consists of the Kyrene Commerce Center, Tempe Commerce Center, Ocotillo Business Center, Chandler Tech Center and the ADP Building.

Details of the transactions are as follows:
-The Kyrene Commerce Center is located at 5861-5869 S. Kyrene Rd. in Tempe. It contains three multi-tenant flex buildings and sold for $12.55 million.
- The Tempe Commerce Center is located at 7420 S. Kyrene Rd. in Tempe and sold for $9.32 million.
- The Ocotillo Business Center is located at 7910,7970 & 8060 S. Kyrene Rd. in Tempe. The three-building industrial complex sold for $11.82 million.
- The Chandler Tech Center is located at 7400-7408 W. Detroit St. in Chandler. The three-building multi-tenant industrial property sold for $8.27 million.
-The ADP Building is located at 7474 W. Chandler Blvd. in Chandler. It sold for $13.51 million.

Size: 515,722 square feet

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Filed Under: Industrial

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