CalWestProperties LLC has acquired a five-property, 65-tenant industrial portfolio in the Phoenix, Ariz., area from San Mateo, Calif.-based Glenborough Properties LP for $17 million. The Phoenix office of Los Angeles-based CB Richard Ellis represented both parties.
The portfolio totals 286,484 sq. ft. of distribution, incubator, back office and general industrial uses and includes: 3405-2445 S. 5th St. in Phoenix, a 109,662 sq. ft. building valued at $3.975 million; 50-150 W. Hoover in Mesa, Ariz., a 58,033 sq. ft. building valued at $2.4 million; 2655 E. Magnolia St. in Phoenix, a 35,385 sq. ft. building valued at $2.1 million; 440 and 444 W. Fairmount Drive in Tempe, Ariz., an 83,200 sq. ft. building valued at $3.475 million; and 230-450 W. Baseline in Tempe, a 100,204 sq. ft. structure valued at $5.05 million.
CalWest Industrial Properties is a partnership between Sacramento, Calif.-basedPublic Employees Retirement System and Chicago-based RREEF Funds.