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8/31/17
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Denver-based IPT Acquisitions LLC paid $10.75 mil for a 91.2k sf ($118/sf) logistics center in Paradise Valley, AZ. The property, located at 550 E. Elliot Rd, was sold by Globe Management Company.
The state-of-the-art, last mile logistic center is leased to Amazon, the largest internet-based retailer. The property is well-positioned in Metro Phoenix, resulting in customer orders being picked, packed and shipped to the customer’s doorstep within the same day if orders are received before a certain cut-off time.
Will Strong, Mike Haenel, Andy Markham, SIOR, and Phil Haenel of Cushman & Wakefield represented the seller in the transaction. They tell us this was the highest price per sf for this product type in the Southeast Valley submarket so far this year. C&W’s Jim Wilson repped Amazon in the building lease.
“This irreplaceable location, functional design and abundant amenities provide strong potential to maintain full occupancy by the U.S. Fortune 20 company and could improve projected cash flow throughout the life of the asset,” Strong commented.
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