PEORIA, AZ-With an offer that killed off the competition, a Phoenix investment group has grabbed the keys to a 25,000-sf warehouse on 3.5 acres and leased up 16,000 sf in a quick move to turn around the vintage building.
The 91st Avenue Off Ramp LLC paid $1.3 million for the Peoria property, beating out several other offers during a two-week offering by seller Richard Marsden of Mesa. The 12040 N. 91st Ave. building, constructed in the mid-1970s, will undergo renovation and re-landscaping under the new owners, Kirk Jenkins, with Daum Commercial Real Estate Services tells GlobeSt.com.
The property already has a new tenant, Metro Auto Express, which took a five-year lease on 16,000 sf after former tenant, ABC Moving and Storage, moved out on the day of the closing, according to Jenkins. The property's quoted rate is 65 cents per sf triple net.
Jenkins, the property's new leasing agent, along with Steve McKindrey and Rich Sica, also with Daum, represented the buyer in the acquisition. Andy Markham with Grubb & Ellis/BRE Commercial of Phoenix negotiated for the seller.
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