PHOENIX—DCT Industrial Trust purchased a fully leased, 49,956 square foot freestanding distribution center at 402 W. Geneva Dr. for $3.35 million. DCT Industrial Trust is a publicly-traded, real estate investment trust specializing in the ownership, acquisition, leasing, development, redevelopment and management of bulk distribution and light industrial properties. The seller was West Geneva Building, LLC.

DTZ senior vice president Will Strong and executive managing directors Mike Haenel and Andy Markham facilitated both sides of the transaction.

The industrial property is located in the well-positioned and highly sought after Broadway Industrial Park. It is minutes from Sky Harbor International Airport and Arizona State University and close to three freeways: Interstate 10, Loop 101 and U.S. Highway 60. The property is occupied by Wayne Dalton Garage Doors.

PHOENIX—The Shops at Fry's Marketplace, a 23,790 square foot shopping center, sold for $2 million. The infill center is located at Stapley Drive and McKellips Road in Mesa and is shadow-anchored by a recently renovated Fry's Marketplace. This investment provides the buyer with some stable, existing tenants and a great deal of upside through the lease-up of the vacant space. Currently, the property is 35% leased to Hi-Health, Daisy Nails, Ridgeview Cleaners and Botello Gym.

Derek Buescher and Andrew Harrison of ORION Investment Real Estate negotiated the transaction. “This property is located in North Mesa next to a highly trafficked Fry's Marketplace. The property was 35% occupied at close of escrow, leaving tremendous upside for the new buyer," notes Buescher, who represented the seller.

The property was sold by McKellips-Stapley Center, Inc. and purchased by principals Jeff Geyser and Joshua Ungerecht from Geyser Management, LLC.