"He liked the multi-tenant aspect and the frontage on Priest Road," Joe Porter, a senior vice president at CB Richard Ellis Inc. in Phoenix, tells GlobeSt.com about the $5.4-million sale of 1403 W. 10th Place. "He liked the parking, the office-showroom and industrial capability and the fact that this was an existing industrial park."
Covington Green Associates of Scottsdale purchased the property from Chicago-based Transwestern Investment Co., selling its last industrial product in metro Phoenix. The buildings, 21,402 sf and 47,430 sf, are 88% leased to a roster that includes Collins Graphic Design School and CB Richard Ellis' Mapping Center.
Several bidders stepped up to the plate during a six-month marketing. The highest offer came from an outside broker making the run for Covington Green, according to Porter.
Built in 1984, the buildings sit on 4.3 acres in a submarket with a 6% vacancy at the first quarter close. Porter, Pat Feeney and Dan Calihan, all with CBRE, represented the seller. Eric Jones of locally based Commercial Properties Inc. negotiated for the buyer.
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