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5/12/14
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DCT Industrial Trust purchased 5th Street Industrial, a 110k sf industrial building at 3405-3445 S. 5th St in Phoenix, AZ. The property was sold by Clarion Partners for $9 mil, or $82/sf.
Located west of the I-10 in the heart of the Airport submarket, the property is fully leased to a long-term credit tenant. Built in 1986, 5th Street Industrial includes 26-foot clear height, grade- and dock-level loading, and A-2 zoning on 6.55 acres.
Mark Detmer and Bo Mills of JLL, who were involved in brokering the transaction, tell us that it was priced at a point that allows the new owner to take advantage of some strong investment upside potential. Pat Harlan, Steve Sayre and Kyle Westfall, also with JLL, are the project’s local market leasing brokers.
According to JLL’s most recent research report, Phoenix’s Q1 industrial absorption—totalling 829.8k sf—was driven primarily by users in the 50k sf – 150k sf range. Leasing activity among this user type has increased in lockstep with the recovering economy.
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