The building, carrying a $52 per sf selling price, is at the southwest corner of Roosevelt and 22nd streets in one of the city's industrial areas. Interstate 10 and Superstition Freeway, two of the Valley's major thoroughfares, are within a mile of the site. Phoenix Sky Harbor Airport lies about four miles to the northwest.
Tempe's industrial vacancy rate is 7.4%, just above the Valley average of 7.2%. Like several other submarkets, the Tempe submarket has negative net absorption for the year, totaling more than 400,000 sf, according to a recent survey by the Phoenix office of Grubb & Ellis.
Tony Ardizzone of Grubb & Ellis Co.'s Phoenix office represented the buyer, which also has operations in Denver and Dallas. Dan Calihan and Pat Feeney, both of the Phoenix office of CB Richard Ellis, acted on the seller's behalf.
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