The asset was 100% leased at the time of sale and sold for $8 million. The buyer was Agave Center OR, LLC, an entity formed by Dallas-based real estate investment company, CAMCO. The seller was DIG Agave Center, LLC, an entity controlled by Dornin Investment Group.
Mike Coover, Eric Wichterman, Will Strong, Greer Oliver and Phil Haenel with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“Agave Business Center was a great opportunity of a fully leased industrial asset with a diverse tenant mix, strong cash flow and robust market dynamics in a premium Southeast Valley location,” said Mike Coover, Managing Director. “Tempe maintains strong industrial fundamentals and one of the most sought-after markets in Metro Phoenix. The combination of decreasing availabilities with limited new comparable developments has left tenants with very few options, which bodes well for continued future asset stability.”
Located at 8945 South Harl Ave, the Agave Business Center was constructed in 2000. The building features seven grade doors, 100% air-conditioned warehouse, 20 ft clear height, and an abundant parking ratio of 5 per 1000. The location provides immediate access to Interstate 10 and additional access from the new Loop 202 and Superstition Freeway (SR-60), each two miles from the property. A top-tier amenity package consisting of over 8 msf of retail amenities—including two malls—is within a short distance, while affluent, executive residential communities also surround the location.