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Phoenix Industrial Facility Changes Hands in $17.3 Mil Transaction

4/24/20

A 183.1k sf, Class A industrial facility in southwest Phoenix sold for $17.3 mil, or $94.50/sf. The freestanding property, situated within Freeport Center, is 100% leased to a Fortune 500 company that is also one of the largest containerboard manufacturers in the U.S.

Located at 441 South 53rd Ave, the facility is situated on 10.0 acres and was originally developed in 1988 but was expanded in 1995, with further capital improvements made since. The building features 9k sf of office space, 28 dock positions, one grade-level door and nine rail doors.

The facility resides in the heart of one of the best performing markets in the U.S. and is surrounded by many high-profile corporate companies. The facility is also within Phoenix’s favorable Riverside Tax District, the most economical of all in Southwest Phoenix. Furthermore, there are also high barriers of entry with virtually no land left to build competing product located in true Southwest Phoenix.

The facility’s strategic location in the Freeport Center— one of the original industrial parks in Southwest Phoenix—is less than two miles from Interstate 10 and approximately one mile from the recently completed Loop 202 freeway extension, which has added 22 miles of new freeway benefiting logistics companies.

The property was sold by Scottsdale-based Globe Corporation. The buyer was not named. Will Strong with Cushman & Wakefield brokered the deal. According to Strong, this was a compelling investment offering as it is a Class A, fully leased industrial project institutionally owned, maintained and managed by a high-quality owner and occupied by a multi-national corporation with mission critical uses.




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