Trevor McKendry PHOENIX, AZ – DAUM Commercial Real Estate Services has completed the sale of a 123,754 square-foot industrial building in the Southwest submarket of Phoenix, Arizona on behalf of both the buyer, Exeter Property Group, and seller, David Turner International, LLC.
The property was purchased for
$8.16 million. The building is located at 4502 W. Monterosa Street in Phoenix,
Arizona.
The buyer will benefit from the property’s long-term, in-place lease to a
food processing and manufacturing tenant, as well as its location within the
Southwest Valley submarket, which has seen sustained rent growth over the past
several years, notes Trevor McKendry, a Vice President at DAUM
Commercial, who completed the sale alongside DAUM First Vice President Chris
Rogers.
“The industrial sector in Phoenix has experienced strong
investor capital interest as the city continues to see a tremendous
amount of economic,
employment, and population growth,” says McKendry.
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| Chris Rogers |
The Phoenix industrial market experienced a decrease in vacancy to 7.1
percent in Quarter 1, with an uptick in new construction deliveries, and very
strong activity amongst all product and tenant types, notes Rogers, citing a
recent DAUM report.
This asset benefits from a prime location that offers
convenient access to major freeways including I-10, I-17, U.S. 60, 101 FWY, and
the South Mountain 202, which is currently under construction.
Rogers adds: “These route
options ultimately provide shorter drive times to other major markets, and are
considered a demand driver for the area. The
property also benefits from features that are all synonymous with the
functionalities of today’s user needs.”
The asset itself is situated on a
fully paved 7.2-acre site and includes an air-conditioned warehouse, six
dock-high and two grade-level doors, ample parking, and a clear height of 24
feet.
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| Industrial building 4502 West Monterosa Street, Phoenix, AZ |
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management.
Founded in 1904, DAUM focuses on
longstanding client relationships and draws upon its century-long track record
to deliver steadfast insights and proven results to clients across the U.S.
DAUM has ten offices throughout Southern California and Arizona.
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