Cushman & Wakefield announced the firm has brokered the sale and leaseback of a 114,907-square-foot Class A industrial facility in Phoenix, Arizona. The current occupant, American Refrigerator Supplies, Inc. (ARS), sold the freestanding building to Canada based MDC Realty Advisors (MDC) for $24.3 million. In conjunction with the disposition, ARS also signed a long-term leaseback for the entire facility.
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Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy, and Katie Rapine of the firm’s private capital group represented the seller and the buyer in the transaction for the industrial facility in Phoenix.
“2632 East Chambers Street is a premier industrial asset in the highly desired Sky Harbor submarket of Phoenix. The property is supported by a strong occupant and its leaseback intends to provide predictable, stable cash flow,” said Vice Chair Phil Haenel.
“There is virtually no land available in the Sky Harbor submarket to build comparable product and it is extremely difficult to recreate this building,” added Senior Associate Foster Bundy. “The property is located in the most infill pocket of Phoenix, which will help drive tenant demand and rent growth for years to come.”
2632 East Chambers Street is situated on ±7 acres and features modern design and functionality, with 28-foot clear height, 30,500 SF of office space, and immediate access to Phoenix Sky Harbor International Airport, SR-143 and I-10 freeways. The property is also within a six-hour drive of the Ports of Los Angeles and Long Beach and is conveniently accessible to the major mountain west markets.
