Real estate investor Dan Hogan, whose building was leveled during the 1995 bombing of the federal building in Oklahoma City, has purchased an industrial building in Phoenix with his reinbursement funds.

Hogan purchased a 121,700-sf flex industrial building at 3201 E. Harbour Drive for $12.2 million, which is near the corner of 40th Street and University Drive. The building is in the Southbank Business Park, which is just southeast of Phoenix Sky Harbor International Airport. The purchase was made through a 1033 exchange.

Industrial space near the airport has become increasingly scarce in the past year. At the start of the fourth quarter, that submarket had a vacancy rate of 5.48%, compared to an overall vacancy rate of 7.69%, according to a survey by CB Richard Ellis.

The Douglas Allred Company, a San Diego-based real estate investment company, was the seller.

Avnet Inc., the largest electronic component distributor in the North America, fully occupies the building.

The Phoenix office of CB Richard Ellis, with brokers Mark Krison, Bob Crum and David Carder, represented the buyer in the transaction, while the Phoenix office of Colliers International, with broker Bob Broyles, represented the buyer.