Lee & Associates Brokers $9M Cash Sale of Cotton Center Industrial Building
The Industrial Metal Supply Co. building at 5150 S. 48th St. in Phoenix sold to a Newport Beach, Calif., for $9M in cash with Lee & Associates brokering the deal.
Built in 2001, the warehouse/office building features 30-foot clear height ceilings, 15,000 SF of office/showroom space, storage yard, abundant parking and high visibility from the corner of 48th St. and Roeser Rd.
It is situated on 4.89 acres of land in the master-planned Cotton Center industrial park which is located near Sky Harbor International Airport and major freeway corridors.
Scott Smith and Rick Robertson, principals with Lee & Associates Arizona, negotiated the transaction on behalf of the buyer, Newport Beach-based Wells Family Partnership. Steven Schnitzer of Steven J. Schnitzer, LTD. represented the seller JFBB Enterprises, Inc. of Scottsdale.
Scott Smith, who transferred from the Lee Orange office to Phoenix this past year, was instrumental in the transaction process.
“The buyer was looking for a higher yield on a quality property and was willing to look outside of California and he found both with the IMS facility,” Smith said. “Arizona’s growth prospects were also appealing.”