BlackRidge Acquires Normal Junction, Retains Cushman & Wakefield Leasing Team for Property
Tempe, AZ – October 20, 2011 – (RealEstateRama) — Cushman & Wakefield, Inc.’s Phoenix-based industrial brokerage group has orchestrated the sale of Normal Junction, a two-building, 140,000-square-foot warehouse/distribution property in Tempe. BlackRidge Real Estate Group acquired the asset for $7.65 million.
Cushman & Wakefield’s Mark Detmer, Bo Mills, Will Strong and Jackie Orcutt represented both the seller and buyer in the transaction. The team, which has served as exclusive leasing agent for Normal Junction since 2000, has been retained to continue this role for the new ownership.
The buildings at Normal Junction sit on 7.22 acres at 1895 South Los Feliz Drive and 1715 South Holbrook Lane. The property serves as home to General Dynamics, Jabil Circuit and others. Just one, 20,000-square-foot unit currently is available.
“With demand beginning to outpace supply in the Tempe area, this submarket has seen six consecutive quarters of positive absorption and no new construction deliveries,” Detmer said. “High barriers to entry here will continue to limit options for larger users, and we already are seeing upward pressure on rents. Within this context, BlackRidge Real Estate Group took advantage of the chance to grow its presence in the market with the acquisition of a property that is on course to maintain strong competitive positioning.”
Based in Newport Beach, Calif., the privately held BlackRidge is a relative newcomer to the Phoenix market; the Normal Junction purchase represents its third regional acquisition in the past year.
“This was an opportunity for us to acquire two highly functional, well-leased assets in a target market at a considerable discount to replacement cost,” noted Ryan Martin, a BlackRidge principal. “We would like to thank the Cushman & Wakefield team for assisting us in completing this transaction.” The BlackRidge portfolio includes nearly 3.5 million square feet of industrial space and planned development projects; additional properties are located in California, Florida and Virginia.
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions – totaling 141.6 million square feet in leases and 52.9 million square feet in sales – with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.
Evelyn Weiss Francisco: evelyn (at) caryl (dot) com, (201) 796-7788,