CBRE arranged the sale of a four-building, 220,259-square-foot Class A industrial park located at 22275-23365 N. 23rd Ave in Phoenix, Ariz. Corridors Industrial, LLC, a joint venture between Trammell Crow Company and Principal Global Investors, sold the property to AEW Capital Management for $29.55 million.
Darla Longo, Rebecca Perlmutter and Brett Hartzell with CBRE National Partners along with Cooper Fratt, Mitch Stravitz and John Werstler with CBRE’s Phoenix office, represented the seller in the transaction.
Built in 2016, Corridors Industrial Park occupies nearly 16.2 acres in North Phoenix’s Deer Valley submarket. The property is currently 91 percent leased to nine diverse, high-quality tenants including Cintas, Lucky Scooter Parts, Earthcore Industries and Gateway Classic Cars.
Building amenities include dock-high and grade-level loading, concrete truck courts and 24-30-foot clear heights. The property also features convenient access to the I-17 and Loop 101 freeways and provides users and tenants with one-day access to California, Nevada, Utah, Colorado and New Mexico.
Phoenix’s industrial market continued to show positive signs of growth in the second quarter of 2018, recording its lowest vacancy rate since 2006, at 6.4 percent, according to CBRE research.