CBRE arranged the $8.5 million sale of 3201 East Broadway Road, a 48,448-sq.-ft.-industrial building in Phoenix, to a private buyer.
Geoffrey Turbow and Gary Cornish of CBRE’s Private Capital Partners teamed with Phoenix industrial market experts Cooper Fratt and Tanner Ferrandi to represent the private seller, Atlas Phoenix, in the transaction.
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“Despite economics headwinds, we continue to see strong buyer demand from out-of-town capital for investments like the subject property,” said Mr. Turbow. “Even with the short-term weighted average lease term, Phoenix continues to draw capital from outside states looking for strong fundamentals.”
Located south of Sky Harbor International Airport, the industrial building is fully triple net leased to Barnes Aerospace, an aerospace and industrial component manufacturer. The building was built in 1999 on 2.81 acres. Twenty percent of the building is office space, while the remaining 80% is warehouse space. The property sits on the corner of East Broadway Road and 32nd Street, south of Interstate 10 (I-10).
The Phoenix industrial market has generated strong results in recent years. The airport area continues to have the Valley’s lowest vacancy rate, according to CBRE research. Because of the submarket’s proximity to State routes, the I-10 and a major international airport, the area posted a 2.0% vacancy rate in the third quarter.
