Cushman & Wakefield completed the sale of 353 N. 44th Ave., a 48,294 SF warehouse in Phoenix. The property traded for $2.65M, which factors out to $54.87 per square foot.
Will Strong and Jim Wilson of Cushman & Wakefield’s Phoenix office represented the seller, the Johnson Family, and procured the buyer, R&B Wholesale Distributors, Inc., which was represented by Andy Cloud of Cassidy Arizona.
The facility’s new owner/user is a multi-state distributor of appliances, electronics and furniture.
Built in 2002, 353 N. 44th Ave. is situated on a 3-acre site within Papago Industrial Park, less than a mile from a full interchange at Interstate 10. The building offers 28-foot clear ceiling heights and includes a 5,000 SF office component.
“The former owner’s tenant was set to vacate the facility as their lease expired,” Strong said. “We were able to secure a new buyer with no down time or vacancy to the seller. This transaction provides an example of the increase in demand within Southwest Phoenix for buildings of this size. It also demonstrates the strength in demand for industrial users looking to purchase as an alternative to leasing.”
