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11/29/11
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BlackRidge Real Estate Group LLC, a Newport Beach-based real estate investment and operating company, recently completed a $7.65 mil acquisition of Normal Junction Distribution Center, a two-building industrial property comprising 140.3k sf of warehouse and distribution space located in Tempe, Arizona.
The improvements were constructed in 1987 on 7.22 acres and include a building of 51.7k sf at 1895 S. Los Feliz Dr and another containing 88.6k sf at 1715 S Holbrook Lane. The two buildings together provide a total of 23 dock-high doors and five ground-level loading doors as well as 21- and 25-foot clear height warehouse space.
The buildings are strategically located within the City of Tempe near the intersection of E. Broadway Rd, south of E. Apache Rd and only a few blocks west of the AZ-101 Loop South. This location is approximately three miles east of Sky Harbor International Airport and six miles east of downtown Phoenix.
The brokerage team of Mark Detmer and Bo Mills at Cushman & Wakefield had the listing on the property and represented the seller in the transaction. BlackRidge handled negotiations in-house and has hired the Detmer and Mills Team as the exclusive leasing agent for the property.
Commenting on the acquisition, Ryan Martin, Principal of BlackRidge, said “Following BlackRidge’s strategy of acquiring highly functional industrial assets at a discount to replacement cost, the Normal Junction Distribution Center is an ideal fit for our company’s Arizona portfolio.“ He added that, “With a tight land market for available development in the Tempe submarket and current occupancy of 86%, the asset has an attractive combination of value upside and stable cash flow. We would like to thank Mark Detmer, Bo Mills, Will Strong and Jackie Orcutt at Cushman & Wakefield for their assistance with the transaction.”
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