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August 25, 2017

110 KSF Industrial Asset Trades in Phoenix

Commercial Property Executive

Razvan Cimpean

SPIRE Real Estate Portfolios, through Nicola Crosby Real Estate, purchased Cabot Business Center in Phoenix. The buyer retained Kidder Mathews as property manager of the industrial/flex asset.

by Razvan Cimpean | Aug 25, 2017

An affiliate of Dunbar Real Estate Investment Management sold Cabot Business Center in Phoenix. Nicola Crosby Real Estate purchased the 109,805-square-foot industrial/flex property for $11.4 million. The company acquires and manages properties on behalf of SPIRE Real Estate Portfolios. This transaction marks SPIRE US LP's first Phoenix acquisition.

Located at 3802-3922 E. University Drive, Cabot Business Center offers convenient access to Hohokam Expressway and interstates 10 and 17.

Darren Tappen, Peter Beauchamp, Aric Adams, Mike Kasulaitis, and Matthew Ault of Kidder Mathews represented the seller in the transaction. The buyer retained Kidder Mathews as the new property manager for Cabot Business Center. Earlier this year, David Crabb of Kidder Mathews arranged a 26,000-square-foot lease at Scripps Plaza, a two-building office complex in San Diego.

"Cabot Business Center is an ideal asset for Nicola Crosby's first purchase in Phoenix," Tappen said in a prepared statement. "The central location, freeway access, quality of the project and occupancy level bodes well for the new ownership."

According to Yardi Matrix data, Dunbar Real Estate Investment Management acquired the property for $9.3 million in 2014. The seller was HAS Commercial Real Estate.

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