Daum Commercial brokers $5.5 million sale of 23,443-SF warehouse in Gilbert, AZ

Dan Casey

 PHOENIX, AZ, Sept. 20, 2023 – DAUM Commercial Real Estate Services, announces the sale of a 23,443 square foot industrial building in the Phoenix, Arizona submarket of Gilbert for $5.5 million. 

The property at 1416 West San Pedro Street in Gilbert, Arizona, is in a growing submarket in the southeastern Phoenix Metro area area. 

Dan Casey, Associate Vice President of the Daum Commercial Phoenix office represented the seller in the transaction. The seller was Larry Uhl, CEO of Sunstone Rover LLC.

SOLD: a 23,443 square foot industrial building
 at 1416 West San Pedro Street, Gilbert, AZ

Owner/user, investor, and tenant demand remains strong in the Phoenix market with limited Valley wide inventory of free-standing buildings between 10,000 to 50,000 square feet. According to CoStar, vacancy rates for existing single-tenant buildings in this size range hover around 2.8%.

“Despite the increases in interest rates and ongoing uncertainty, companies are still relocating to Phoenix from California and elsewhere, driving the price and demand for properties like this,” says Casey.

Blake Hardison

“This property attracted multiple local and out-of-state investors, tenants, and owner/users almost immediately. Within the first week of listing, the seller had multiple lease and sale options, ultimately awarding the bidding process to a Phoenix

With the sale, the building will become the headquarters of Swain Electric, a Gilbert-based electrical contractor. The buyer is a family-owned corporation and was represented by Blake Hardison at Ike Commercial Real Estate

 

CONTACTS:

 

Hanna Kokuashvili / Elisabeth Manville  
The Smart Agency, Inc.
(949) 438-6262 
hkokuashvili@thesmartagency.com