Three-Year Pursuit Wins 258,000 - S.F. Business Park
Phoenix-After chasing West Thomas Business Park for three years, Michael A. Pollack Real Estate Investments has finally claimed the 258,000 s.f., multi-tenant property for $12.4 million. The locally based investor purchased the 12-building portfolio from Los Angeles-based Pacific Equity Partners.
"It was a must-have asset," says Michael A. Pollack, president and founder of his namesake firm. "I love multi-tenant buildings and at $48 per s.f., it was perfect. You couldn't dream of building it for that today." He tells GlobeSt.com that he will invest $500.000 into replacing roofs, resurfacing parking lots and updating the facade of the 16.2-acre park at 3104-32 W. Thomas Rd.
Pollack has renamed the 27-year-old property Pollack West Thomas Business Park. It offers a mix of incubator, industrial and retail/showroom space in buildings ranging from 18,000 s.f. to 42,000 s.f.
The park is 93% occupied, but it was just at 78% when it went under contract to Pollack. "We were in escrow for six months so the seller could find a 1031 property," he explains. "During escrow, we were able to improve occupancy."
Baer Racing, the largest tenant, occupies 20,000 s.f. United Parcel Service fills 10,000 s.f. Rent quotes run from $6 per s.f. to $9 per s.f.
According to Pollack, West Thomas Business Park is the firm's largest acquisition in the Valley. Rick Robertson of Lee & Associates Arizona represented Pollack in the transaction while Pacific Equity Partners had independent broker, Ron Pelleg of Los Angeles, structuring its terms.