A 35,328-square-foot distribution facility at 18808 N. 32nd St., Phoenix was sold to a Tustin, CA-based firm for $4,500,000 or $127.37 per-square-foot.
Phoenix Newspapers Inc., parent company to The Arizona Republic, occupies the facility. Lee & Associates principal, Matt Hobaica, represented the buyer, Greenwood & McKenzie Real Estate Investments.
The owner, E & H Smith & Evelyn Smith, L.P., were represented by Barry Gabel and Chris Marcildon of CBRE.
Last year, both firms worked on the investment sale of another Phoenix Newspapers distribution building at 7444 E. Hampton Ave., Mesa, that sold for $3,600,000.
“Since Greenwood & McKenzie had already purchased the Phoenix Newspapers facility in Mesa, it was logical to acquire their Northeast Phoenix distribution location as another quality and versatile asset,” Hobaica said.
Built in 2001, the project sits on 4.49 acres and was a built-to-suit for The Arizona Republic. The building features 1 drive-in door, 3 truck wells and approximately 2,000 square feet of office space. It is located in Northeast Phoenix and is close to the SR 51 (Piestewa Frwy.) and the Loop 101 (Agua Fria Frwy.).
