Deal-Tracker: Multifamily & Industrial

PHOENIX—In this edition of Deal-Tracker, a 94,885-square-foot South Phoenix distribution building at 2021 E. Jones Ave. sold for $5.1 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, 2 grade level doors, 20 truckwells and clear height ranges of 28-32 feet. It is located just south and west of Phoenix Sky Harbor International Airport and close to the Maricopa Freeway (Interstate 10).