An Irvine-based real estate company paid $168.3 million for an industrial campus in Arizona, according to CoStar data.
CIP Real Estate Property Services is now the owner of the multi-building Broadway 101 Commerce Park in Mesa, Arizona, buying the industrial campus from Newport Beach-based BKM Capital Partners, according to CoStar. BKM in partnership with Canyon Catalyst Fund bought the property in 2020.
The campus, located at 2140-2360 W. Broadway Road in the Phoenix suburb, covers 856,894 square feet on roughly 52 acres. The property sold for $196.36 per square feet.
It is reportedly the largest single transaction for an industrial park in Phoenix’s Southeast Valley.
Broadway 101 Commerce Park was built in 2006.
Tenants at the industrial campus, per CoStar data, include Valley Healthcare Group LLC, Vera Mobility, Elliott Electric Supply, Stone and Steel Systems LLC, Patterson Dental, Accu-Tech Corp., Eclipse Automation and Factory Motor Parts.
BKM Capital Partners owned Broadway 101 Commerce Park as part of its BKM Industrial Fund II, a private equity venture that had $1.6 billion of acquisitions and $1.9 billion of dispositions.
CIP Real Estate’s portfolio, through a series of acquisitions in late 2022, surpassed $1 billion in value. Properties within its portfolio are in California, Florida, Georgia, North Carolina, South Carolina and Texas.
The Irvine-based real estate company also has properties in Anaheim and Orange, including a 91,000-square-foot business park near Honda Center it acquired for $12 million.
Big Buys in Atlanta, San Diego Area
The Broadway 101 Commerce Park purchase is one of four industrial campuses CIP Real Estate purchased in December 2024, totaling $240 million.
The Irvine-based real estate company also bought Lavista Business Park in Atlanta for $37 million and two industrial properties in Carlsbad for a combined $34.3 million.
Lavista Business Park is a four-building, 217,596-square-foot industrial campus just inside Atlanta’s (I-285) beltway.
El Fuerte Business Park and Carlsbad Oaks Commerce Center in the San Diego suburb of Carlsbad combine for 126,964 square feet across seven buildings.
CIP Real Estate plans to spend an additional $3.3 million in capital improvements across the properties in 2025 and 2026, per a company statement. The planned improvements include “enhancing cosmetic appearances, pursuing re-branding opportunities, and modernizing interior specifications,” according to the company statement.
Other industrial properties in development by CIP Real Estate are 1.1 million square feet of space in Florida, North Carolina and South Carolina.
CIP Real Estate also sold six buildings and a flex property.