PHOENIXFollowing the recession and over the past five years, foreclosures have kept prices low on industrial/manufacturing buildings, according to Rob Martensen, vice president of Colliers.

Colliers International in Greater Phoenix recently completed the sale of an industrial manufacturing building in Tempe for $2.88 million, or $92 a square foot.

BRDDASH LLC of Tempe purchased the building from DKB Partners LLC of Mission Viejo, to manufacture automotive accessories through Dash Designs.

Martensen served as the broker for BRDDASH. Dave Johnson and Bob Kling of Lee & Associates served as brokers for the seller.

The 31,354-square-foot building is completely air-conditioned.

“Costs for these buildings are not as cheap as they used to be,” Martensen tells GlobeSt.com, “but still below the cost of new building. Pricing is still below replacement value, although people are beginning to look to build because there is not a lot of product left on the market. In the Southeast Valley submarket there just aren't a lot of buildings left on the sale/lease side. There is very little land, if any at all, left in Tempe.”

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