Located at 23047 N. 15th Lane, the three-year-old building was sold by T Bar H's Desert Horizon Development. The building contractor has leased back the building for five years from the new owner, James Carr, says Cory Spanko, an industrial property specialist with Wiley & Associates Commercial Real Estate LLC, who represented T Bar.
"It was a full-price offer," Spanko says. In two weeks on the market, the building received three offers. The building, situated on a half-acre, is located within the Pinnacle Business Park near 19th Avenue and Pinnacle Peak Road.
Spanko tells GlobeSt.com that T Bar sold the building as part of a 1031 Exchange and is investing the proceeds in the development of three new buildings in the Valley. Carr, which paid cash for the building, was represented by Jeffrey Clements of Phoenix.
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.
