Duke Expands Footprint with $9M Industrial Buy

PHOENIX-A subsidiary of Indianapolis, Ind.-based Duke Realty Corp. has acquired a 250,157-square-foot distribution building in Estrella Business Park for $8.75 million. The seller was a private individual from Honolulu, doing business under the name of 1600 Broadway LLC.

Located at 1002 S. 63rd Ave. on the northwest corner of 63rd Avenue and Buckeye Road in southwest Phoenix, the building is 100 percent leased to three tenants: General Nutrition Center (GNC), Lagasse Sweet and the Arizona Department of Economic Security. It features dock-high loading capability with easy truck maneuverability, along with proximity to Interstate 10 for convenient freeway access.

Barry Gabel and Mindy Korth of CBRE’s Phoenix office handled the transaction for both parties. Gabel tells GlobeSt. that 1990s-era building was on the market for 45 days and received eight offers.