The distribution building is fully leased with tenants Desert Transport, Torrance Van Lines and Ashland Chemical.
The building was sold by SOFI IV-SMP Portfolio VII, a limited liability company based in Phoenix.
Most of the distribution space in the Valley is concentrated in the far West Valley, but the Chandler area has the second largest concentration with more than 20 million sf in inventory. At the start of the fourth quarter, the vacancy rate for industrial space in that submarket was 7.51%, compared to an overall vacancy rate of 7.69%, according to a survey by CB Richard Ellis.
The Phoenix office of CB Richard Ellis, with broker John Werstler, represented both the buyer and seller in the transaction.
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