Tag Archives: industrial property

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Voit Completes 125,000 SF Industrial Acquisition for Cosmetic Distributor

Mike Kasulaitis of Voit Real Estate Services’ Phoenix office directed the acquisition of a 125,000 SF industrial building in Phoenix on behalf of the buyer, Buckeye 59th Ave, LLC.

The buyer, an East Coast-based manufacturer and distributor of make-up, costumes and accessories, will use this property as its distribution facility, according to Kasulaitis, Vice President in Voit’s Phoenix office.

“As the Phoenix industrial market continues its recovery, we are seeing an increase in activity from larger national companies who are seeking to secure distribution space to fulfill their operational needs,” Kasulaitis said.

According to Kasulaitis, Buckeye 59th Ave, LLC was seeking a property in close proximity to its current manufacturing facility in Phoenix with good freeway accessibility.

“Voit’s keen knowledge of the market enabled us to secure a property that met our client’s distribution requirements in their desired location,” Kasulaitis said.

The seller, Conair Corporation, was represented by Greg White of CBRE.

The property is located at 2 N. 59th Ave. in Phoenix.

 

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Cushman & Wakefield Completes Sale of 131,000 SF Flex/Industrial Building

Crown Realty & Development, represented by Will Strong, senior associate of Cushman & Wakefield, Inc., sold 5115 N. 27th Ave., a 131,000 SF, single-story flex/industrial building in Phoenix for $6.4M.

The buyer was Grand Canyon University, a private institution that will utilize the property for administrative purposes.

The former Honeywell assembly site, which had been acquired by Crown in 2005, comprises 15.03 acres near a full diamond interchange on I-17 and Camelback Rd. The property is situated in close proximity to Grand Canyon University’s existing main campus.

“During our term of ownership of this property, we have enjoyed the chance to work with GCU and to see them grow significantly,” said Rick R. Carpinelli, SVP Acquisition & Development, Crown Realty & Development. “We are pleased that we could work with GCU on the purchase so they can further their expansion. GCU is a great institution for our community and state. We look forward to seeing their expansion into our former property.”

“This industrial market continues to tighten in terms of buildings available for sale,” Strong said. “The Metro Phoenix industrial market fundamentals are starting to improve with 2.8 MSF absorbed year-to-date, lack of supply and increasing values. This ultimately became an opportunity for Crown to sell a well-located property at a good price.”

Todd Noel of Colliers International’s Phoenix office worked on behalf of Grand Canyon University.

Cushman & Wakefield’s 3Q industrial market statistics show investment sales totaling 2.7 MSF across 28 transactions, on par with the previous two quarters. Several tenants are expected to take occupancy in this year’s last quarter, which will add an additional one million square feet of absorption. Steady leasing activity over the previous year helped move vacancy rates downward and continues to increase market rates.

 

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Lincoln Property Completes Sale of Industrial Building to Cabot Properties

The Desert West Region office of Lincoln Property Company announced the sale of an industrial property at 3720 W. Washington St. in Phoenix.

Cabot III-AZW02 LLC, a company formed by Boston-based Cabot Properties Inc. paid $5.8M to purchase the 82,368 SF industrial property.

The seller was Columbia Arizona Washington IV Industrial LLC, a joint venture company formed by Lincoln Property Company.

The property, which is fully leased to Flexpak Corp., was built in 1996. The Lincoln Property venture purchased the property in 2004 as part of an $11.3M portfolio deal that included 251,745 SF of industrial and office properties in Phoenix, Tempe and Tucson.

Lincoln Property Company is a full service real estate firm offering development, design/construction management and property/asset management services.

Lincoln’s Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001.