Phoenix, AZ, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Nicola Wealth Real Estate (NWRE) has acquired 4832 E McDowell Road, located adjacent to its previously acquired 1Forty3 Business Park in Phoenix, AZ. The transaction was brokered by Phil Breidenbach of Colliers.
Totaling 34,440 square feet on a 3.13-acre site, 4832 E McDowell is adjacent to NWRE’s eight-building, 109,175 sf small bay infill property known as 1Forty3 Business Park. The subject asset is currently leased to a call center, which, once vacated, will be repositioned back to its original small bay industrial use with grade loading. The consolidated 12.26-acre rectangular site and 143,615 sf business park is on the northeast corner of 48th Street and McDowell Road just west of Sky Harbor International Airport and Downtown Phoenix.
“Phoenix continues to be a market of conviction for NWRE,” states Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate. “Consolidating the ownership of this well-performing business park was our goal when we first acquired 1Forty3 in 2021.”
Schaeffers continues, “The strategic location provides proximity to decision-makers in Scottsdale and easy access throughout the Valley via State Route 143 to Loop 202 and Interstate 10. The asset is in our US income fund and will be held long term.”
NWRE is concentrated on growing in major US markets such as Las Vegas, Phoenix, Denver, Dallas, Fort Worth, Minneapolis and Seattle with a focus on acquiring income-producing properties and executing build-to-own development and value-add strategies.
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $13.2 billion (CAD) of assets under management (AUM). NWRE has an experienced and innovative team that sources and asset-manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. The current NWRE portfolio now exceeds $8.7 billion gross asset value.
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