The Opus Group acquired the property on W. Warner Road in Tempe for $9.3 million a year ago. The Warner Commerce Park site had been home to a Honeywell office building before a demolition undertaking cleared the way for Opus to develop two industrial facilities totaling 98,500 square feet each. They sold the repurposed property for $42.4 million to Barings, a global investment management firm just a year later. A team from Cushman & Wakefield represented Opus.
Carrying the addresses of 1320 and 1330 W. Warner Road, the two buildings feature 32-foot clear heights, as well as a total of 40 rear-load dock doors and four drive-in doors. The firm delivered the repurposed property in December 2022, well in advance of the original estimated completion date of March 2023.
Industrial sales prices reached a record high in the final quarter of the year, jumping to an average of $171 per square foot. Warner Commerce fetched approximately $215 per square foot.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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