Tag Archives: Industrial Sale

Lee & associates industrial aerial, web

11.58-acre, SW Phoenix industrial facility sold for $2.93M

Four buildings totaling 18,496 SF on 11.58 acres of land at 8164 W. Buckeye Rd. in Phoenix, has sold for $2,925,000.

The transaction was recorded on September 8. Lee & Associates principals Matt Hobaica, Allen Lowe and TJ Swearengin negotiated on behalf of the owner, MidFirst Bank. Hobaica secured the buyer, EMC Holdings, LLC of Phoenix which will use the property for their truck transportation business.

The property located at 83rd Ave. and Buckeye Rd. is currently being used as a trucking facility and features heavy industrial (I-2) zoning and multiple service bays. The site is fully-fenced with rolling gates and has a 2-acre, hard corner parcel within the property that can be sold or leased for a retail pad opportunity.

2500 E Chambers Street

CPI sells 100KSF manufacturing building in Phoenix

Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage,  announced the sale of a 99,969 SF industrial property located at 2500 E. Chambers St. in Phoenix. Jeff Hays, Chad Neppl and Ryan Steele of CPI’s of Tempe Office represented the seller, BH Chambers, LLC in this transaction.

The concrete tilt building was built in 1995 on ± 6 Acres in the South Airport Industrial Submarket. The single-tenant property is located just South of Roeser Road and East of 24th Street in Southern Garden Industrial Park.

Chad Neppl commented, “The Buyer, District Photo, required a quick close in order to get a jump start on their improvements for their upcoming peak holiday season.”  The ±100,000 square foot building met the buyer’s requirement for their production use.  This transaction was a win-win for both parties.”

The sale was valued at nearly $5.2 million.

5th Street 5x7

JLL closes $9M industrial sale for Clarion

The Phoenix office of JLL has completed the $9 million sale of 5th Street Industrial, a 110,000-square-foot industrial building at 3405-3445 S. 5th Street in Phoenix. The deal bolsters the rapid recovery of Phoenix industrial space in the 50,000 – 150,000-square-foot range, as highlighted in the first quarter Phoenix Industrial Report released last week by JLL’s local research team.

JLL Managing Directors Mark Detmer and Bo Mills were the industrial capital markets brokers involved with the sale between the property seller, Clarion Partners, and the property buyer, DCT Industrial Trust. JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall, are the project’s local market leasing brokers.

“This size and type of Phoenix industrial space is definitely outperforming the larger blocks of space in the local industrial sector,” said Detmer. “That is not to say that other blocks of space haven’t entered the recovery cycle. They just haven’t done so at this same rapid clip.”

“The 5th Street Industrial asset is irreplaceable for a number of reasons,” said Sayre. “It has an excellent location west of the I-10 in the heart of the Airport submarket. It is fully leased to a long-term credit tenant, and it was priced at a point that allows the new owner, DCT Industrial Trust, to take advantage of some strong investment upside potential. This is a compelling combination.”

5th Street Aerial 5x7According to JLL’s most recent research report, Phoenix’s Q1 industrial absorption—totaling 829,777 square feet—was driven primarily by users in the 50,000 – 150,000-square-foot range. Leasing activity among this user type has increased in lockstep with the recovering economy. Built in 1986, 5th Street Industrial includes 26-foot clear height, grade- and dock-level loading, and A-2 zoning on 6.55 acres.

“DCT is pleased to add 5th Street to our Phoenix portfolio, a 100 percent occupied building with a credit tenant,” said Mark Bowen, Regional Vice President at DCT Industrial.  “This acquisition demonstrates DCT’s focus on continually upgrading our portfolio in our focus markets, with the acquisition of Class-A buildings in highly desirable submarkets.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

4250-E-Broadway-Rd-G2, WEB

Newmark Grubb Knight Frank completes $1.8M industrial sale

Newmark Grubb Knight Frank (NGKF) negotiated the $1.8 million sale of 4250 E. Broadway Rd., a 38KSF Industrial building, in Phoenix.

Rob Stephens, Managing Director and Tricia Gumulka, Associate Director with NGKF’s Phoenix office represented the seller, Sorenson Group Management. The buyer, Forever Nutraceuticals, a worldwide distributor of vitamins was represented by Ken McQueen at Lee & Associates in the transaction.

“Forever Nutraceuticals expanded in the Phoenix market, this building is right across the street from their existing space on Wood St, says Stephens, it’s perfect for them due to the location and the fully air-conditioned facility which was a requirement for Forever Nutraceutical.”

JLL 21410 Deer Valley, WEB

JLL Brokers $17M Meritex Entry into Phoenix Industrial Market

Meritex announced today its entry into the Phoenix market with the acquisition of a two-building industrial portfolio totaling 193,366 SF. The Class-A properties are located at 21410 and 21415 N. 15th Ln. in Deer Valley, Ariz.

“We are excited about the addition of the Deer Valley properties to our portfolio and our entry into the Phoenix market,” commented Dan Williams, chief investment officer for Meritex in Minneapolis. “The acquisition of these assets complements our investment strategy of entering into markets that provide opportunity for growth, expansion and diversification of our industrial portfolio. Meritex continues to seek additional investment opportunities in the Phoenix market.”  JLL managing directors Tony Lydon and Pat Harlan represented Meritex in the transaction, which closed on March 7.

Meritex has selected Metro Commercial Properties to continue management of the properties.  “We look forward to working with Metro Commercial Properties,” commented Arvid Povilaitis, chief operating officer of Meritex.  “The properties are located in the thriving Deer Valley submarket and have a proven track record of consistent demand. The properties are currently 97% occupied by 10 tenants including a recent tenant expansion of nearly 15,000 SF.”  John Pompay of Cassidy Turley has been retained as the listing agent for the properties.

3195 E 36th Street, WEB

CPI Sells Industrial Property in Tucson

Commercial Properties, Inc., announced the sale of a 31,682 SF industrial property located at 3195 E 36th Street in Tucson. Chad Ackerley of CPI’s Tempe office represented the new owner, Hercules Capital, the parent company of Hercules Industries from Denver. Hercules Industries manufactures and distributes high-end HVAC equipment and sheet metal, and is one of the largest of its kind in the Western and Midwestern regions of the United States.

“Increasing the footprint four times its current 8,000 SF location, indicates the future growth Hercules sees for the construction Industry in Tucson,” Ackerley said.

The seller, Horizon Relocation Services, a local moving company, was recently acquired after being family run for 90 years in Tucson by Suddath Relocation Systems in Jacksonville, Fla. Steve Cohen of Cushman & Wakefield represented Horizon in the transaction.

The sale was valued at $1.7M ($53 PSF) with 2.6 acres.

Best Retail Project 2011: Mountain Ranch Marketplace at Estrella

Cassidy Turley Completes $900K Industrial Sale in Phoenix

Cassidy Turley completed the sale of  ±3.97 acres of industrial land located south of the SWC of 48th Street and Washington Street on Thursday. Papago Tech, LLC (Moshe Family Trust) purchased the property for $900,000 ($5.20/PSF) from Pacific Western Bank. Cassidy Turley Arizona’s Rick Danis, Paul Boyle and Steve Mardian negotiated the sale transaction representing the seller. Adam Tolson and Chris McClurg of Lee & Associates represented the buyer.

Papago Tech, LLC plans to develop the property and construct a 60,000-square-foot building. LGE Design Build will manage the construction of the entire project.