Lee & Associates announced the recent sale of 246 East Watkins Street, a single-story, 27,060 square foot, industrial warehouse building located within an Opportunity Zone in Phoenix. Originally constructed in 1979 and significantly renovated in 2017, the building is situated on a 1.62-acre site, zoned A-1, Light Industrial District, City of Phoenix. The building sold for $3,700,000 and is 100 percent leased to Southland Industries on an industrial net-leased basis.
Steve Gonzalez, Greg Guglielmino and Marcus Muirhead of the Lee & Associates Phoenix office represented the seller, KBP Realty Advisors, LLC. The buyer, JDFAZ, LLC, is a private investor from California.
The industrial activity in the Phoenix market hasn’t slowed down like other sectors. In fact, according to the Lee & Associates Q2 2020 Industrial report for the Phoenix market, net absorption was up by 500,000 square feet compared to Q2 of 2019 and asking rates remained steady. With nearly 4 million square feet absorbed at mid-year, the market seems to be right on pace for a solid year. Rental rates have remained steady over the past few quarters showing little to no fluctuation. With few barriers to development and positive demographic trends, Phoenix has emerged as one of the fastest growing industrial markets in the county.