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September 15, 2019
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Phoenix Industrial Property Trades in $8 Mil Deal

6/17/19

Exeter Property Group purchased a 123.8k sf industrial building in the Southwest submarket of Phoenix for $8.16 mil ($66/sf). The property was sold by David Turner International LLC.

The building is situated on a fully paved 7.2-acre site at 4502 W. Monterosa St. It includes an air-conditioned warehouse, six dock-high and two grade-level doors, ample parking, and a clear height of 24 feet. The property boasts a prime location that offers convenient access to major freeways including I-10, I-17, U.S. 60, 101 FWY, and the South Mountain 202, which is currently under construction.

The buyer will benefit from the property’s long-term, in-place lease to a food processing and manufacturing tenant, as well as its location within the Southwest Valley submarket, which has seen sustained rent growth over the past several years, notes Trevor McKendry with DAUM Commercial Real Estate Services, who completed the sale alongside DAUM colleague Chris Rogers.

The Phoenix industrial market experienced a decrease in vacancy to 7.1% in Quarter 1, with an uptick in new construction deliveries, and very strong activity amongst all product and tenant types, according to the latest data from DAUM.





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