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9/07/18
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Scottsdale-based G2 Capital purchased a 130.3k sf warehouse/manufacturing building in Tempe, AZ for $7.5 mil ($57.50/sf). The property, located at 550 W. Southern Ave, was sold by Southern Paramount LLC, an investment group based in Calgary, Alberta.
550 W. Southern Avenue is currently occupied by a manufacturing tenant who will be vacating at the end of the year. Situated on 9.78 acres, the property features functional configuration for industrial tenants – including over 38-foot clear height, dock-high and grade-level loading, and strong 1,600 amp electrical service.
Steve Lindley, Bob Buckley, and Tracy Cartledge with Cushman & Wakefield Phoenix’s capital markets group negotiated the transaction on behalf of the seller. According to Lindley, the buyer intends to complete a renovation of the property while marketing to a new user.
“The property has excellent frontage on Southern Avenue and is located in Tempe’s historically strong Broadway Industrial Park,” said James Greaves, Managing Director of G2 Capital. “Tempe’s central location, with virtually no land available for future industrial development, creates strong demand from both tenants and investors for buildings like 550 W. Southern.”
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