PHOENIX—In this edition of Deal-Tracker, a 94,885 square foot South Phoenix distribution building at 2021 E. Jones Ave. in Phoenix, sold for $5.12 million or $54.01 per square foot. The seller also negotiated a sale/leaseback term to occupy the facility for 16 months.
Matt McDougall, principal with Lee & Associates represented the buyer, Cohen Asset Management of Los Angeles and Andy Cloud with DTZ represented the seller, Michael Lewis Company of McCook, IL.
“This transaction helped the buyer satisfy a trade requirement as well as acquire a highly-specialized distribution building located in the in-demand Sky Harbor Airport submarket,” says McDougall.
The facility started as a 40,000-square-foot building, but has added nearly 55,000 square feet in the late 1990s. It includes 30,000 square feet of freezer/cooler space, 3,000 square feet of office, two grade level doors, 20 truckwells and clear height ranges of 28 to 32 feet. It is located just south and west of Phoenix Sky Harbor International Airport and close to the Maricopa Freeway (Interstate 10).
PHOENIX—DTZ completed the sale of the Longust Distribution Center, 2432 W. Birchwood Ave. in Mesa. Industrial Property Trust Inc. of Denver purchased the 81,436-square-foot property from 2432 Birchwood Associates, LLC, an affiliate of EverWest Real Estate Partners, for $6.5 million.
The institutional quality warehouse/distribution building is fully occupied by Longust Distributing, which has been in the space since it was built in 2000. Located on 4.62 acres, the property includes approximately 67,188 square feet of warehouse area and approximately 14,248 square feet of office space. Since 1974, Longust Distributing, Inc. has been a major wholesale flooring distributor servicing the Southwestern United States.
DTZ's Will Strong, Andy Markham and Mike Haenel represented both the buyer and seller.
PHOENIX—DTZ closed the $3.1 million sale of 3000 E. Chambers St., a 61,729-square-foot single-tenant industrial building in Phoenix. MLCY Investment, LLC purchased the property and will occupy the space, which includes 26% office buildout and an evaporative-cooled warehouse with grade-level doors and a double-wide truckwell.
DTZ's Paul Boyle, Rick Danis and Pete Klees represented the seller, WE Valoroso Holding Corporation, a company formed by JP Morgan Chase Bank. DTZ's Andy Cloud represented the buyer.
Built in 1987, the building was vacant at the time of sale. The former occupant, Fluoresco, still locates its headquarters in Tucson.
PHOENIX—DTZ closed the sale of the Arizona DCS Office, 3310 and 3320 N. 19th Avenue in Phoenix. TH Stratman of Queen Creek purchased the 27,689-square-foot single-tenant office building for $3.15 million with an 8.53% cap rate.
Executive managing director Eric Wichterman and senior vice president Mike Coover of DTZ's Phoenix office represented the sellers, Fenway Properties of San Diego.
The two-story office building is fully leased to the Arizona Department of Child Safety through December 31, 2021. Built in 1983, the building underwent remodeling in 2011 and 2014, including extensive interior renovations to the first floor completed by DCS, which has over 90 employees working in the property.
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