Rod Crotty of Cutler Commercial in Phoenix handled the negotiations for the Phoenix-based seller, 3144 W. Lewis LLC. Paul Boyle and Rick Danis, a Grubb & Ellis Co. Phoenix team, represented the buyer.
The building was 100% occupied at sale time. It is located about a half mile west of Black Canyon Highway or Interstate 17, just south of Thomas Road. The Black Canyon submarket is among the Valley's healthiest for industrial properties, boasting a vacancy rate of 5.3% at the start of this quarter. The Valley's overall industrial vacancy rate is 8.7%. The region is suffering somewhat from the slowed economy and has posted negative net absorption of more than 250,000 sf year-to-date.
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