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7/30/21
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In a recent AZ office trade, Goettl Air Conditioning & Plumbing paid $7.3 mil for a 55k sf ($133/sf) building in Phoenix. Located on 6.61 acres of land at 4611 East Baseline Rd, the single-story back-office property was built in 1999 and was 100% vacant at the time of sale.
The building, which is located one mile west of the Interstate 10 Fwy, has been occupied by a single occupant since 2004. It was engineered and designed to accommodate a second story. The property features an expansive parking field.
The property sits within Pointe South Mountain Business Park, which features the 640-room Arizona Grand Resort and Golf Course. It is also in proximity to Arizona Mills Mall, Sky Harbor International Airport and Arizona State University.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, a CA-based private equity group. Greg Hopley with Colliers International repped the buyer in the deal.
“The new ownership is planning on improving the property for their own use and intend on installing such features as loading doors to accommodate warehousing, interior office enhancements and taking advantage of the large site area for company vehicle storage,” noted Marchildon.
A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.
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