A 94,885 SF South Phoenix distribution building at 2021 E. Jones Ave. in Phoenix, sold for $5,125,000 or $54.01 per SF. The seller also negotiated a sale/leaseback term to occupy the facility for 16 months.
Matt McDougall, Principal with Lee & Associates represented the buyer, Cohen Asset Management of Los Angeles, California and Andy Cloud with DTZ represented the seller, Michael Lewis Company of McCook, Illinois.
“This transaction helped the buyer satisfy a trade requirement as well as acquire a highly-specialized distribution building located in the in- demand Sky Harbor Airport submarket,” said McDougall.
The facility started as a +40,000 SF building but has added nearly 55,000 SF in the late 1990s. It includes 30,000 SF of freezer/cooler space, 3,000 SF of office, 2 grade level doors, 20 truckwells and clear height ranges of 28’-32’. It is located just south and west of Phoenix Sky Harbor International Airport and close to the Maricopa Freeway (Interstate 10).
