Several buildings located within the Thunderbird Business Park were recently acquired for $7 million — the first time this portfolio has been sold in 20 years.
The five-building industrial portfolio is located on about seven acres within Thunderbird Business Park at the southeast corner of Indian School Road and 31st Avenue in Phoenix. California-based El Camino Investment Co. purchased the buildings in November from Northgate - 72 LLC, an entity connected to Oregon-based The Randall Group, according to real estate database Vizzda.
Adam Shteir, Todd Hamilton and Chad Kirkorsky of Phoenix-based Citywide Commercial Real Estate represented the buyer, El Camino Investment Co., in the sale.
“This purchase demonstrates the long-term stability and investment strength of the Phoenix metro industrial market,” Shteir said in a statement. “We have had this property assignment for 20 years and have watched local industrial demand skyrocket over that time. We look forward to a continued strong relationship with the tenants at Thunderbird Business Park and promoting this neighborhood for small business owners.”
The five buildings total 86,268 square feet with 35 individual suites that are fully occupied by small business owners and long-term tenants. These are part of the seven-building Thunderbird Business Park.