Mesa Investor Spends $22.85 Million for 400,000 SQ. FT. of Industrial Space in Five Projects

Wed, 01/26/2011 - 00:00 -- Jeff

Tempe/Gilbert/Chandler/Phoenix - A company formed by investor Craig Berge in Mesa paid $22.855 million to buy 409,149 sq. ft. of industrial buildings in five Valley projects. The seller in five separate sales was a company formed by NZ Properties Inc. in Phoenix (AMEX:NZ, Randy Stolworthy, COO). The sales were negotiated through Carl Johnson of Johnson & Associates in Scottsdale. On the average, the projects are roughly 90 percent occupied. Johnson & Associates is managing and leasing the properties. Financing for the acquisitions arranged by James Dumars and Kurt Boettcher of NorthMarq Capital in Phoenix. Berge, who owns some other real estate properties in the Valley, declined to comment on the deals with NZ. Sources say Berge may be interested in additional real estate investment opportunities in the Phoenix area. Here is a description, location and purchase price for each of the properties Berge acquired from NZ: Aspen Business Center, a two-building, 105,757-square-foot project at 2873, 2877 and 2885 N. Nevada Street in Chandler, $5.1 million; El Dorado Commerce Center, a two-building, 112,786-square-foot project at 973-1019 N. Colorado Street in Gilbert, $6.94 million; Grove Commons Industrial Park, a four-building, 113,806-square-foot project at 1514, 1522 and 1536 W. Todd Drive and 7150 S. Harl Drive in Tempe, $6.285 million; Watkins Distribution Center, a 76,800-square-foot single tenant building at 215 E. Watkins Street in Phoenix, $2.815 million, and a 37,908-square-foot single tenant building at 1420 W. 12th Place in Tempe, $1.715 million. Scott Ellsworth is the contact for Berge . . . (480) 497-7501. Joe Joseph is the contact for NZ . . . (602) 952-8836. Talk to Johnson at (480) 423-4050.