CrossHarbor Capital Partners, a multi-strategy commercial real estate investor, and Creation, a Phoenix-based real estate development and alternative investment firm, announced the acquisition of a 16-acre site in Tempe, Ariz., within the Interstate 10 industrial corridor. Terms of the deal were not disclosed.
The site will be redeveloped as Nexus Commerce Center, a 273,000-square-foot industrial park. The new development will feature three class A buildings with 32-foot clear heights, capable of accommodating various users and multiple configurations. The property was previously the site of a vacant Elliot Corporate Center, an office building formerly anchored by the University of Phoenix, which will be demolished.
“With limited availability of land parcels suitably large enough for office-to-industrial conversions in Tempe, the development of Nexus Commerce Center is an opportunity to deliver a completely modernized, customizable facility suitable for a variety of