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Bixby Land Wraps Up $9.5 Mil AZ Industrial Buy

12/19/17

Bixby Land Company has purchased West 10 Business Center, a 146.7k sf industrial warehouse and distribution building in Phoenix, for $9.5 mil ($65/sf) in an all-cash deal. The fully leased project is fully occupied by three tenants, in an established industrial neighborhood that includes FedEx, Amazon, Cintas and Kroeger.

West 10 Business Center is located at 4703 West Brill St in Phoenix’s Southwest industrial submarket, the largest in Metro Phoenix with approximately one third of the roughly 300 msf of industrial space in the overall market. Built in 1998, the project is within one mile of two freeway interchanges to I-10, at North 43rd Avenue and North 51st Avenue.

“This acquisition aligns well with our investment criteria for institutional grade industrial assets in primary and select secondary distribution markets in the West,” said Mike Severson, executive vice president and chief acquisitions officer of Bixby Land Company. “The quality of the building, it’s location with excellent freeway visibility to a major east-west interstate in the U.S., and the underlying fundamental strength of the market made this an attractive investment for Bixby.”

Will Strong of Cushman & Wakefield represented the unnamed seller in the transaction; Bixby Land Company was self-represented.





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