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October 02, 2017

Vancouver real estate firm pays US $11.3M for Arizona property

Western Investor

Tanya Commisso

A Vancouver-based asset management company has purchased five industrial buildings in Phoenix, Arizona for US$11,375,000.

The 109,805 square-foot, five-storey Cabot Business Center is located on E University Dr. in Phoenix. The buyer, Nicola Crosby Real Estate, is a subsidiary of Nicola Wealth Management Ltd. The company acquires and manages properties for SPIRE US LP's real estate portfolios.

Kidder Mathews real estate firm represented the vendor, Dunbar CBC, LLC.

"Cabot Business Center is an ideal asset for Nicola Crosby's first purchase in Phoenix," said Darren Tappen, Kidder Mathews broker. "The central location, freeway access, quality of the project, and occupancy level bodes well for the new ownership. They are looking for similar opportunities as they look to become a key player in the Phoenix market," he said.

The property is 96 per cent leased, located within minutes of downtown Phoenix and Arizona State University.

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