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September 19, 2019
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AZ Industrial Infill Building Sells for $126/sf

9/10/19

A 128k sf industrial infill building in Tempe, AZ that is fully leased by the world’s largest express transportation company traded hands in a transaction priced at $16.2 mil, or $126.50/sf. The buyer was an out-of-state partnership involved in a 1031 exchange.

Located at 8210 S. Hardy Dr, less than one mile east of I-10, the building was constructed in the late 1990s as a built-to-suit project. It has remained 100% occupied by the same company since delivery.

Tivon Moffitt, Peter Bauman and Steve Larsen with JLL represented the building seller, MRM Tempe LLC. Moffitt noted that the property’s value as a last-mile facility, combined with recent building improvements, historical occupancy and a prime infill location, were all significant drivers for the economics of the transaction.

According to JLL, strong and steady absorption has dropped the Valley’s industrial vacancy rate to a 10-year low of 6.7%. The Southeast Valley led that absorption during the second quarter as demand continues to rise for supply chain and e-commerce facilities.

“Data supports what we see on the ground, which is that the overall Phoenix industrial market continues to see strong absorption and rapid rent growth,” said Larsen. “That is especially true for in-demand markets like the Southeast Valley and infill locations like this Tempe facility.”




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