Captiva Partners, a real estate investment and operating firm specializing in industrial and flex properties across the West Coast, is proud to announce the off-market acquisition of a 40,075-square-foot multi-tenant small-bay industrial property located at 2209-2211 W 1st St in Tempe, Arizona, marking its entry into the Phoenix market.
Captiva plans to rebrand the property as First Street Commerce Center and implement a comprehensive value-add business plan to elevate its appeal and functionality. Planned enhancements include new signage, refreshed landscaping, exterior painting, and upgraded interiors, reflecting Captiva’s commitment to meeting the needs of today’s tenants seeking high-quality, flexible spaces.
“First Street Commerce Center represents an ideal opportunity for us to apply our proven approach to repositioning infill multi-tenant industrial properties. Its location and features align perfectly with our investment criteria,” said Brian Abers, Managing Partner of Captiva Partners. “This acquisition represents a significant milestone for Captiva Partners as we expand into one of the fastest-growing markets in the country.”
Cory Breinholt of Commercial Properties, Inc., who represented both Captiva and the seller, commented on the successful transaction, “This transaction highlights our firm’s commitment to building strong relationships and focusing on meeting our clients’ goals. Captiva Partners recognized the unique value of this property, executed on a tight timeline, and their plans for its future will make a meaningful impact in Tempe.”
The Phoenix market continues to exhibit exceptional resilience, fueled by demand from a broad spectrum of industries and rapid population growth. Tempe, in particular, boasts strong demographics, excellent connectivity, and high barriers to entry, making it a prime market for Captiva Partners’ expansion.
