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4/07/21
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Realterm, a Maryland-based logistics real estate firm, has acquired a 145.9k sf last-mile distribution center in Tempe in a $27 mil ($185/sf) transaction. The property is 100% occupied by FedEx.
The single-story building, located at 1666 N. McClintock Drive, was constructed in 2004 as a build-to-suit for FedEx, which recently signed a triple-net lease extension. It features 24-foot clear heights, 11 grade-level overhead doors and 36 dock-high doors. It is accessible by a three-lane driveway along McClintock Drive.
The property is located a few minutes from downtown Tempe and Arizona State University, as well as near 1.3 msf of retail at Tempe Marketplace and 2 msf of retail at Fashion Square Mall in Old Town Scottsdale.
Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson, and Bill Bayless with CBRE represented the seller, a local real estate investment firm.
“Aggressive interest in the Phoenix market resulted in the second-highest price per square foot in Phoenix Metro’s history for industrial buildings built before 2015 and larger than 100k sf,” said Turbow. “Such pricing reflects investors' bullish attitude for growth markets like Phoenix where demand for industrial remains unabated.”
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 No. 4 in CBRE’s 2021 Americas Investor Intentions Survey.
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