Vancouver-based Nicola Crosby Real Estate acquires first Arizona property

The five buildings, 96 per cent leased, sold for US$11,375,000

Western Investor
August 24, 2017

cabot business center
 A Vancouver-based asset management company has purchased five industrial buildings in Phoenix, AZ for US$11,375,000.
The 109,805 square-foot, five-storey Cabot Business Center is located at 3802-2922 E University Dr. in Phoenix. The buyer, Nicola Crosby Real Estate, is a subsidiary of Nicola Wealth Management Ltd. The company acquires and manages properties for SPIRE US LP’s real estate portfolios. 
Kidder Mathews real estate firm represented the vendor, Dunbar CBC, LLC. 
"Cabot Business Center is an ideal asset for Nicola Crosby's first purchase in Phoenix," said Darren Tappen, Kidder Mathews broker. "The central location, freeway access, quality of the project, and occupancy level bodes well for the new ownership. They are looking for similar opportunities as they look to become a key player in the Phoenix market," he said.
The property is 96 per cent leased, located within minutes of downtown Phoenix and Arizona State University. 

Tanya is a recent graduate of Langara College's journalism program and spent a summer freelancing for The Burnaby NOW and The Record, following a reporting internship with the publications. She joins Western Investor as an editorial assistant. Very much a millennial, she sees the irony in writing about real estate she will likely never be able to afford.
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