HFF announced Monday that it has closed the sale of Normal Junction Distribution Center, a two-building, 140,314 SF distribution center in Tempe, Ariz.
HFF marketed the property on behalf of the seller, American Realty Advisors. Industrial Property Trust purchased the center for $12.452 million free and clear of existing debt.
Normal Junction Distribution Center is a light industrial center comprised of 1715 South Holbrook Lane and 1895 South Los Feliz Drive in Tempe. The assets are located just off the Loop 101, which is the main feeder into Scottsdale, less than two miles from State Route 60, a little more than four miles to Interstate 10 and less than nine miles away from Phoenix Sky Harbor International Airport. Built in 1987, Normal Junction Distribution Center has ceiling heights of 25 feet at Holbrook and 21 feet at Los Feliz. At the time of closing, the center was 79 percent leased to four tenants, including Textron, Hot Shot Services, Propak and DM Nutraceuticals.
The HFF investment sales team was led by Ryan Martin along with Anthony J. Brent.
“Normal Junction was a unique asset, offering stable long-term cash flow from a diverse portfolio of tenants, while providing the potential for significant upside through lease up,” Martin said. “It will be a great addition to Industrial Property Trust’s rapidly growing portfolio.”