Cushman & Wakefield Negotiates Sale to Dunbar Real Estate Investment Management
PHOENIX, June 28, 2018 – Cushman & Wakefield announced that Dunbar Real Estate Investment Management of El Segundo, Calif. purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Avenue and 5005-5025 S. Ash Avenue in Tempe, Ariz., from Birtcher Anderson Realty of San Juan Capistrano, Calif. for $14.25 million.
Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller.
Mill Avenue Business Park is a 134,886-square-foot business park with a strong presence on both Mill Avenue and Baseline Road – two major arterials in Tempe. Built in 1983, the seller recently invested $1.3 million in capital improvements. Currently 87.7% occupied, the business park draws a wide-range of office, industrial and retail uses, including the legal, healthcare, professional services, tech, telecommunications, fitness, and foodservice industries.
“Birtcher Anderson made some excellent improvements to the property, including engaging with its Mill Avenue frontage. With strong potential for rent growth and higher occupancy, Mill Avenue Business Park should be a strong strategic investment for Dunbar,” said Buckley.
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Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.