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Metro Business Park Marks Schnitzer Properties’ Fifth Phoenix Buy
Metro Business Park, a 188,820-square-foot light industrial business park in Phoenix, recently sold for $33.5 million. The park consists of five multi-tenant industrial buildings that are collectively 100 percent leased to a highly diversified tenant mix.
The buyer, Portland, OR-based Schnitzer Properties, formerly Harsch Investment Properties, acquired the asset from EastGroup Properties. The sale marked the buyer’s fifth acquisition in the Phoenix metro area.
Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s national industrial advisory group in Phoenix represented the seller in the transaction. Leasing advisory was provided by Tom Louer and Matt Hobaica of Lee & Associates.
“Metro Business Park provides stable cashflow while the strength of this asset is further supported by a market and property with outstanding historical occupancy, continued tenant demand and increasing rents at new record levels,” said Strong. “For years, the property has been institutionally maintained, managed and operated by EastGroup Properties, one of the largest and most successful industrial owners in Phoenix and in the U.S.”
- ◦Sale/Acquisition
