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6/28/21
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A 29.4k sf, fully leased industrial property in Phoenix was purchased by a Hawaii-based 1031 exchange private buyer for $5.5 mil, or $187/sf. Located at 23048 N. 15th Ave, the property was originally constructed in 2003 and renovated in 2013.
The facility features Class A office space, 24’ warehouse clear heights and 61 parking spaces. The two-story building is fully leased to Valenz, one of the nation’s leading medical cost reduction and claims flow management organizations.
The property is within four miles of Deer Valley Town Center, Happy Valley Towne Center and The Shops at Norterra, three major retail centers featuring hundreds of shopping, dining and entertainment options. The building is less than one mile from Phoenix Deer Valley Airport, one of the busiest general aviation airports in the nation.
The property was leased for 10 years to a single tenant and had multiple offers from investors through the Southwest and Hawaii. Geoffrey Turbow, Gary Cornish, Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller, a private investor, in the transaction. The buyer was represented by Matt Bittick of CBRE.
“The asset's 10-year, triple-net-lease provides new ownership with exceptional ease of management and durable cash flow supported by inflation-protection,” noted Turbow. “Long-term, single-tenant net-leased assets are in extremely high demand from the private 1031 community.”
Phoenix ranked 11th for total net-lease investment volume in the first quarter of 2021, rising 43.8% to $388 mil, according to CBRE’s U.S. Net-Lease Investment Report Q1 2021.
The Deer Valley submarket remains one of the tightest submarkets in greater Phoenix, as evident by the 0% vacancy rate for single-tenant industrial and flex buildings above 20k sf. Overall, Phoenix had record-breaking positive net absorption in 2020, totaling 13.3 msf.
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