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| 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.
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| 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 | www.hfflp.com
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