The building is positioned at the southeast corner of Gilbert and Broadway roads, about 1 1/2 miles north of Superstition Freeway. It was 90% leased at sale time to three tenants, the largest of which is Harmon Glass, a windshield replacement company.
The Mesa area is one of the better performing submarkets in the Valley, with positive year-to-date net absorption of more than 83,000 sf. At the start of the fourth quarter, the vacancy rate for industrial space in the Mesa-Gilbert was 6.5% in comparison to an overall 8.7% in the Valley. The strongest demand in Mesa is for general industrial space, which has a vacancy rate of just 5.1%.
Colorado investor Gene Goldsworth is the seller. Tony Ardizzone of Grubb & Ellis Co.'s Phoenix office handled both sides of the transaction.
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