Adler Realty Investments, Inc. (ADLER) has purchased three industrial buildings in the Tempe area of Phoenix, AZ for $5.5 million. The properties, were acquired in two separate transactions, one of which being a sale lease back with the seller. Adler, which recently sold a land parcel in Phoenix, reinvested the sale proceeds into the projects to successfully execute a 1031 tax deferred exchange.
Strategically located near the Phoenix airport, the buildings total 57,000-square-feet and are 78 percent leased. Adler plans to aggressively lease the remaining 12,500-square-feet of vacant space at the projects and provide a steady cash flow stream for its investors.
“These properties work well for our 1031 tax deferred exchange and add to our portfolio’s diversification,” said Michael Adler, president of Adler. “Chris Engel, our director of acquisitions, is continuing to look throughout the western United States for other investment opportunities to meet our other exchange requirements.”
