PHOENIX—Helix, an Arizona-based commercial real estate investment company, recently acquired a truck distribution industrial complex in Tolleson for $12.75 million.
Located at 94th Avenue and Buckeye Road in Tolleson, the 40-acre commercial property consists of 179,000 square feet of buildings including a warehouse, office administration facility, maintenance garage, covered wall truss work area and a 60,000-square-foot covered structure on the rail spur.
The property is ready to be leased or redeveloped. The truck distribution industrial complex was purchased from Pratte Buckeye Property, LLC. The broker for the seller was Bill Bayless of CBRE.
Ryan Spiekerman, Helix principal, tells GlobeSt.com, “All buildings have a specific purpose, but we literally could not find a comparable on this one; there is no other property like it. And as we were looking at it, we were looking at it as more of a replacement cost.”
Access to rail was a considerable factor in this acquisition, Spiekerman says.
“In the West Valley, there's been an explosion of spec distribution. We are looking for users who will be ancillary to the larger companies in the area,” adds Spiekerman.
If the property is redeveloped, several new buildings would be added to the existing acreage. “That's one of the alternatives we're looking at,” says Spiekerman.
“The property had been on the market for a while,” Spiekerman adds. “And I think people just didn't know what to do with it. But I couldn't tell you who would be in direct competition with us with that building. It's a unique property.”
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