Tolleson industrial warehouse sells for $20M in off-market exchange
An industrial warehouse distribution center totaling ±100,000 square feet in Tolleson, Arizona has sold for $20,000,000 cash in an off-market exchange. Kidder Mathews Executive Vice Presidents Mike Ciosek and Eric Bell represented the seller CorLiving, Inc., a home furnishing company, in the transaction.
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The property is located at 705 South 94th Avenue. It is a state-of-the-art, single-tenant, front-loaded, mid-bay distribution warehouse with a secured truck court. Silver Rafter D5, LLC, a private investor from California, purchased the property with no financing contingencies. The center was sold as a sale-leaseback to CorLiving, which has occupied the property for over eight years.
“Tolleson, Arizona is one of the hottest industrial markets in the southwest. The buyer was in an exchange with a short amount of time to find an asset, and this turned out to be a perfect fit,” said Ciosek. “This is a historical indicator of California investors looking for a flight to quality in a business-friendly climate.”