Intersection Investment Management Acquires Industrial / Flex property in Gilbert, Arizona
Intersection Investment Management is pleased to announce it has acquired a 92,750 square foot multi-tenant flex industrial property in Gilbert, Arizona. Representing brokers, David Bean and Cory Sposi of Commercial Properties Inc., completed this off-market deal bringing the second acquisition in Intersection’s post-pandemic industrial investment strategy. The strategy focuses on $5-$20M projects in markets west of Denver based on post-covid market trend forecasting. The investment was syndicated to a group of Intersection’s high net worth investors. It is the company’s 8th acquisition in total and the fund now has surpassed over $100M in historical deal transaction volume. Anton Myskiw, Intersection Senior Analyst and Phoenix native who sourced the deal says,
“Given the competitive nature of the market for this kind of product, we have to recognize the great work done by our brokerage team at Commercial Properties. They have worked collaboratively with us for months in the Phoenix Metro area and helped us find a great deal off market.”
The Sellers, Golden Key Industrial Park LLC. who previously held and managed the property as private investors, focused upon occupancy rather than driving rental rates. This resulted in an opportunity to hold rents at market while completing significant improvements at the property. This will allow Intersection to focus on tenant experience and make improvements that will improve curb appeal and value-add. Planned renovations include new paint, parking lot resurfacing, landscape upgrades, and, new tenant signage to provide greater visibility. Rocco Cortese, Managing Director with Intersection confirms,
“Multi-tenant flex with a value-add component represents a very good risk profile for our investors. The Southeast Phoenix market has great fundamentals and we can see a clear path to demand for high quality product like KeyWest Plaza. Fundamentally, that is what we set out to do on every deal”
Intersection envisions and intends to create a best-in-class flex industrial asset to meet the demands of the accelerated growth in the Gilbert market. Commercial Properties LLC. will continue to manage and lease the property on behalf of Intersection. David Bean, who represented the seller as broker for Commercial Properties, Inc. notes,
“Intersection is relatively new to this market, but quickly understood where the growth opportunities could be found. We look forward to working with them as they execute the strategy on this property.”
To learn more about this deal please reach out to Rocco Cortese at rcortese@intersectioncre.com or Anton Myskiw at amyskiw@intersectioncre.com
Autumn Valencia is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Autumn at avalencia@intersectioncre.com