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Phoenix Office Park Marketed to Industrial Users
Initial Development has acquired the Executive Center at Southbank and is marketing the Phoenix business park, which spans more than 141,000 square feet of existing space, to industrial users.
Initial paid over $14 million to acquire the Executive Center at 3600 E. University Drive from LBA Realty. The property is about 60% leased to tenants such as FedEx Logistics and OmniEngine. Newmark Group Inc.’s Tom Adelson and Erin McClure represented Initial Development in the deal, while JLL Capital Market’s Will Mast represented the seller.
The nearly 15-acre site will undergo a repositioning to accommodate more industrial users.
The Phoenix Business Journal reports the site was built in the early 1990s and was originally home to the Arizona Design Center before it moved to Scottsdale.
According to CBRE Group Inc. research, Metro Phoenix has 23 projects that have been completed or are planned to convert 3.5 million square feet of total office space into other uses. Seven of those conversions are into multifamily or mixed-use developments.
