DAUM sells 4-building industrial asset in Deer Valley
DAUM Commercial Real Estate Services has completed the sale of a fully leased industrial asset comprising four buildings totaling 110,679 square feet in the Deer Valley submarket of Phoenix, Arizona.
DAUM Executive Vice Presidents Chris Rogers and Trevor McKendry represented the seller, California-based private investment firm Greenwood & McKenzie, as well as procured the buyer, Mountain West, the industrial platform of Baron Properties, alongside Will Strong of Cushman & Wakefield.
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“We’ve worked closely with the seller for several years, playing an instrumental role in helping to build a strategic investment portfolio of industrial properties in Deer Valley,” explains Rogers. “Based on the strength of the current industrial market and influx of institutional capital into the sector, we advised the firm to consider selling now, after seven years of ownership.”
Rogers notes that the DAUM team recognized an opportunity to collaborate with Strong, of Cushman & Wakefield’s National Capital Markets Group, in order to strategically source the best possible buyer and secure a strong purchase price.
McKendry adds: “We have deep experience in the submarket and comprehensive knowledge of current activity, including new tenants and developments underway like the TSMC plant, a $20 billion project that will bring a significant number of new jobs to the area. Based on this, we were well positioned to understand and communicate the true value of this asset.”
With a week of listing the buildings, the team received several offers from entities based throughout the country, including California, Colorado, New York, and Illinois, McKendry notes.
“We ultimately sold to a Los Angeles-based buyer who recognized the exceptional outlook for Deer Valley, at a price that exceeded the seller’s initial expectations,” continues Rogers
The buildings, which are fully leased to 38 tenants total, are located at 23021, 23025, 23005, and 23015 North 15th Avenue in Phoenix, Arizona. They feature 20’ clear height, two shared truck wells, and 10’ by 12’ grade-level doors.