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Bendetti And Westport Capital Partners Acquire Industrial Asset In Mesa For $32.9M

Property Image
SOLD
$32,900,000
Tracy Cartledge
Robert (Bob) Buckley
+ 2

Illinois

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Industrial312,000 SF
Sold 06/18/2024
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Property Image
SOLD

Bendetti And Westport Capital Partners Acquire Industrial Asset In Mesa For $32.9M

2450 West Birchwood Avenue & 2452 West Birchwood Avenue

See Similar Deals
Industrial312,000 SF
Sold 06/18/2024
Tracy Cartledge
Robert (Bob) Buckley
+ 2
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Summary

ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$105
Total Square Footage:312,000 SF
Transaction Type:Sale

The 156,000-square-foot Broadwood Business Centre located at 2450-2452 West Birchwood Avenue in Mesa, AZ was sold for $32.9 million. The property was fully leased to various tenants and was acquired by BKM Capital Partners in 2020 for $18.4 million. The sale was facilitated by Cushman & Wakefield's team, which included brokers Michael Matchett, Molly Hunt, Robert Buckley, Tracy Cartledge, and Will Strong. The transaction also involved an $18 million loan from Grant Street Funding.

Summary of transaction details:

The sale of the Broadwood Business Centre in Mesa involved an acquisition by Bendetti and Westport Capital Partners from BKM Capital Partners. The loan for the transaction was provided by Grant Street Funding. This deal highlights the active participation of key individuals and companies contributing to successful commercial real estate transactions in Mesa, AZ.

Players

Will Strong
54 deals$3.2B volume
BROKER

Tracy Cartledge
Cushman & Wakefield
5 deals$120M volume(602) 682-8242
BROKER

Robert (Bob) Buckley
Cushman & Wakefield
5 deals$120M volume(602) 682-8240
BROKER

Molly Miller Hunt
Cushman & Wakefield
28 deals$1.9B volume(602) 361-9501
BROKER

Michael Matchett
Cushman & Wakefield
23 deals$1.6B volume(949) 375-7378
BROKER

Details

SOLD
IMAGE: 06/18/2024 ADDRESS: 2450-2452 West Birchwood Avenue MARKET: Mesa, AZ ASSET TYPE: Industrial SELLER: BKM Capital Partners BROKERS: Michael Matchett, Molly Hunt, Robert Buckley, Tracy Cartledge & Will Strong - Cushman & Wakefield SALE PRICE: $32,900,000 SF: 156,000 ~ PPSF: $211 NOTE: BKM Capital Partners sold the 156,000-square-foot Broadwood Business Centre in Mesa for $32.9 million to Bendetti and Westport Capital Partners. Cushman & Wakefield's team brokered the deal, which involved an $18 million loan from Grant Street Funding; the business park, fully leased to various tenants, was acquired by BKM in 2020 for $18.4 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,754,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$116,886.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$155,962.78
Annual Debt Service$1,871,553.42