Cushman & Wakefield of Arizona, Inc. has been selected by Industrial Property Trust (IPT) to handle leasing and property management for two industrial properties at Normal Junction.
The properties, located at 1715 S. Holbrook Lane and 1895 S. Los Feliz Drive, contain a total of 140,314 square feet of industrial space. Approximately 29,471 square feet within the properties are currently available for lease.
Cushman & Wakefield recently assisted HFF, LP, in the sale of these two industrial properties at Normal Junction. HFF enlisted Cushman & Wakefield on behalf of property sellers American Realty Advisors and BlackRidge Real Estate Group. IPT purchased the Holbrook Lane building for $7.86 million and the Los Feliz Drive property for $4.59 million.
The Normal Junction submarket consists of 17 properties totaling 614,000 SF. During 2014, the Cushman & Wakefield team of Market Leader | Investor Services Jackie Orcutt, Senior Director John Grady and Associate Mackenzie Ford has been responsible for more than 93,000 SF of leases in Normal Junction, accounting for 15 percent of the overall absorption. Currently, the submarket has less than five percent vacancy.
“We are thrilled to be working with IPT on the leasing and management of Normal Junction,” said Orcutt. “We have experienced great absorption in the Normal Junction submarket this year and look forward to many more successes with the new ownership.” The team of Orcutt, Grady, and Ford will handle leasing for the properties.