59,375 SF Manufacturing Building Sells for $2.4M
A Tempe manufacturing building at 1531 W. 17th St. in Tempe, sold for $2.4M. The 59,275 SF facility brought a price SF of $40.42. The transaction was completed on June 26.
Lee & Associates principals, Matt Hobaica and Matt McDougall represented the seller, JCS, LLC of Tempe. The facility was the former home of All Pro Industrial, LLC. Paul Timm of Trust Realty Advisors represented the buyer, Lexkel, Inc. of Mesa, AZ.
The 1981-built building sits on 3 acres and features heavy power, a fenced yard, natural gas, A/C and Evaporative production areas and four grade level loading doors. It is located just east of the Interstate 10 and Broadway Rd. curve and is close to Phoenix Sky Harbor International Airport.
18,730 SF Manufacturing Facility Trades for $2.15M
An 18,730 SF freestanding manufacturing facility at 609 W. Knox Rd. in Tempe, sold for $2.15M or $114.79 per SF. The sale closed on July 7th on an eleven day escrow.
Lee & Associates Arizona Principals represented both sides of the transaction. Stein Koss and Tom Louer represented the buyer, Broadway-Genesis, LLC of Tustin, CA while Ken McQueen, Principal, represented the seller, Fleet Wing Holdings, LLC of Tempe. The building previously was headquarters for Spectrum Aerospace.
The transaction was a 1031 exchange for the buyer and represented an 8.15% cap rate on a seven year sale/leaseback.
Built in 2006, the 2-story, single tenant building features 4,000 SF of office and two drive-in doors. The facility sits on 1.14 acres in South Tempe off of Kyrene Rd. between Warner and Ray roads and is close to Interstate 10.