Sunday, November 16, 2014

HFF closes $12.452 million sale of two-building distribution center near Phoenix, AZ

Ryan Martin
IRVINE, CA – HFF announced it has closed the sale of Normal Junction Distribution Center, a two-building, 140,314-square-foot distribution center in Tempe, Arizona, which is in the eastern Phoenix metropolitan area.

HFF marketed the property on behalf of the seller, American Realty Advisors.  Industrial Property Trust purchased the center for $12.452 million free and clear of existing debt.

Normal Junction Distribution Center is a light industrial center comprised of 1715 South Holbrook Lane and 1895 South Los Feliz Drive in Tempe. 

The assets are located just off the Loop 101, which is the main feeder into Scottsdale, less than two miles from State Route 60, a little more than four miles to Interstate 10 and less than nine miles away from Phoenix Sky Harbor International Airport.

Anthony J. Brent
  Built in 1987, Normal Junction Distribution Center has ceiling heights of 25 feet at Holbrook and 21 feet at Los Feliz.  At the time of closing, the center was 79 percent leased to four tenants, including Textron, Hot Shot Services, Propak and DM Nutraceuticals.

The HFF investment sales team was led by Ryan Martin along with Anthony J. Brent.   

“Normal Junction was a unique asset, offering stable long-term cash flow from a diverse portfolio of tenants, while providing the potential for significant upside through lease up,” Martin said.  “It will be a great addition to Industrial Property Trust’s rapidly growing portfolio.”

With over $6 billion in assets under management, American Realty Advisors is an investment manager to institutional investors, and has provided real estate investment management services for over 26 years utilizing core and value-added commingled funds and separate accounts.   

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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