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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
