Distribution Building Sells For $6.8M at Freeport Center
An industrial building at Freeport Center, 420 S. 53rd Ave. in Phoenix, sold for $6.8M.
Included in the transaction was an adjacent 2.09 acre, fully-improved land parcel.
The buyer was Jerry Ivy Trust of Mountain View, Calif., and was represented by Lee & Associates Principal, Stein Koss. The seller was High Time, LLC of Phoenix, which was were represented by Bo Mills, Mark Detmer and Jackie Orcutt of Cushman & Wakefield.
The building sits at 50% leased with 63,840 SF available. The remaining 50% is occupied by Blue Line Foodservice Distribution.
“This investment offers a tremendous opportunity for the buyer with a stable tenant in place. The vacant space is ‘move-in’ ready and will offer the new tenant Class A space at a below market lease rate,” Koss said.
The building was constructed in 1987 and features 30’ high ceilings, (7) 10’x 10’ dock-high doors, (1) 22’ x 12’ drive-in ramp, a fenced and secured truck court and A-2 Heavy Industrial Zoning. It is located south of Interstate 10 and east of the proposed South Mountain Freeway, Loop 202 Freeway.