Four Lee & Associates brokers recently negotiated the $4,700,000 all-cash sale of a 75,786-square-foot industrial warehouse building at Freeport Center, 5520 W. Maricopa St., Phoenix.
The price per-square-foot was $62.02. Lee & Associates Principals Allen Lowe and Steve Farrell negotiated on behalf of the seller, Maricopa-Phoenix (KBP), LLC. Principals Rick Robertson and Scott Smith represented the buyer, Pennsylvania-based Exeter Property Group.
“We are very pleased to have put a transaction together on this property at well-below replacement cost,” said Robertson. “These types of fully-leased distribution buildings have been very popular with our investors lately.”
Built in 2002, the fully-leased warehouse features 30-foot clear height, 12 exterior dock doors, heavy power and a 185-foot truck court.
The property is conveniently located just south of I-10 and just east of the under construction Loop 202 (South Mountain Freeway) and is expected to be completed in 2019.