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$5M Takes 68,832-SF Industrial Asset

TEMPE, AZ-Transwestern Investment Co. bids adios to the metro Phoenix industrial market with a two-building sale at 1403 W. 10th Place. Scoring the win is Covington Green Associates of Scottsdale, putting up the closest offer to the ask.

By Lee Simmons | Updated on June 11, 2004

TEMPE, AZ-A 68,832-sf, two-building asset lures several bidders in search of flex office-industrial space to Tempe’s northwest corridor, a low-vacancy submarket. A Scottsdale buyer takes the win with the closest offer to the ask.

“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.

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