The Grubb & Ellis Co. Phoenix team handling the sale consisted of Paul Boyle, senior vice president, and Rick Danis, senior associate. Tim Benson of Westmark brokered the deal for the buyer, a California partnership represented by principal, Riley Bower Inc.
Danis tells GlobeSt.com that the seller is dissolving partnership and needed to sell. The entity owned just one property in Phoenix. The buyer, says Boyle, was looking to satisfy a 1031 exchange as a result of a sale of a California property.
According to Danis, buyer and seller met and agreed on the terms, keeping the property from going to a traditional listing. The fully occupied buildings have a stable rent roll with staggered lease expirations.
Hardy Center is located in a submarket with a high concentration of office/warehouse space. Many tenants in the area demand a higher percentage of finished office space than industrial distribution product, Boyle explains. The tenant roster is a multi-faceted mix that includes an environmental company, tech firm, vehicle insurance claims operation and light assembly businesses in need of fully air conditioned space.
Boyle says vacancy in submarket stands at 9.3% for general industrial and 9.4% overall. Still, says Boyle, it's generally a healthy submarket.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
