CBRE has arranged the $13.15 million sale of 550 W. Southern Ave., a 130,276-square-foot warehouse and manufacturing building in Tempe, Arizona.
Cooper Fratt, John Grady, John Werstler and Jackie Orcutt of CBRE in Phoenix represented the seller, James Greaves of G2 Capital, in the transaction. The buyer, Mygrant Glass, will occupy the facility later this year.
In 2018, G2 Capital acquired the building with plans to renovate the asset once the tenant vacated the property several months later. The property recently completed extensive interior and exterior renovations to the warehouse, production and office space, and had strong activity both from prospect tenants and purchasers throughout the process.
“G2 Capital was able to see the tremendous potential in this property and executed their plan perfectly” said CBRE’s Fratt. “Our activity was very strong throughout which is a testament to the vision and work by G2 Capital as well as the Phoenix industrial market activity in general.”
“CBRE did a great job advising us on how to redevelop the property to meet the needs of prospective tenants and users in the market,” said James Greaves, Managing Director, G2 Capital.
Situated on 9.78 acres, the property comprises 80,000 square feet of warehousing space with 38-foot clear height, 40,000 square feet of production space with 14-foot clear height and 10,000 square feet of office space. The expandable property features dock-high and grade-level loading and a 3.5-acre yard for heavy parking or outdoor storage. The building also offers frontage along Southern Avenue and is conveniently located three miles from Sky Harbor International Airport.
In the first half of 2019, the Southwest Tempe submarket has already eclipsed 2017 and 2018 yearly net absorption totals, reaching 172,043 square feet of net absorption over Q1 and Q2 2019, according to CBRE Research.
