American Realty Advisors Acquires Arizona Industrial Park

American Realty Advisors has acquired an industrial park in Arizona, the Glendale-based investor advisor company announced. The property, 10 Chandler Industrial Park, is a Class A industrial park that consists of 553,000 square feet. It is comprised of nine buildings, which were either built or fully renovated in 2008, and is located on 37 acres in Chandler, Ariz. The transaction was executed on behalf of one of American Realty Advisors’ commingled funds and represents a joint venture with Denver-based Alliance Commercial Partners, a real estate operating and investment company. The seller, Lincoln Property Company, will continue to serve as the industrial park’s property manager. “As the economy continues to recover and businesses begin to add jobs to the region, we anticipate a growing need for industrial space in the Greater Phoenix MSA,” said Kirk Helgeson, American Realty Advisors’ executive vice president and executive managing director of investments. “Given the changing economic landscape and Chandler’s attractive price, American expects to be able to market the vacant space at favorable terms relative competitive product and eventually reposition the property into a core asset.” Jessica Vernabe