Guaranty Bank of Dallas sold the 875,000-sf warehouse property at 624 S. 25th Ave. The bank was represented internally.
The building originally served as a storage and distribution center for Fleming Foods, which disposed of the property as part of a multi-state sale-leaseback in 2002 prior to its bankruptcy, Gary Tenney, a senior vice president in Colliers International's local office, tells GlobeSt.com. He represented the Cowley and Cardon families, which own more than two million sf of commercial real estate in the Valley.
"They are major land owners in the Southwest and were looking to complement their land holdings by adding real estate," Tenney says. "They really believe in the location and the product type." He says the partnership, which paid cash for the facility, is looking to acquire more assets in the Valley.
Built in the mid-1960s and expanded in the mid-1970s, the facility is located on roughly 44 acres in the Stack industrial area of the Central Phoenix submarket. The warehouse boasts 200,000 sf of cooler and freezer space. "Demand for this type of space is increasing," Tenney says. The dry warehouse space will lease for $2.16 per sf to $3.36 per sf per year. The cooler and freezer space will lease for $4.80 per sf to $7.20 per sf per year.
"This facility offers a lot of flexibility both in terms of size and temperatures," Tenney says. He explains the cooler and freezer space can accommodate users as small as 15,000 sf. Freezer temperatures start at minus 10 degrees while the cooler temperatures range from 28 degrees to 45 degrees.
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