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3/02/17
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A 36.9k sf, industrial property in Phoenix sold for $4.75 mil, or $129/sf. The property, located at 1733 W. Parkside Lane, east of I-17 and north of Hwy 101, was acquired by Los Angeles-based West End Hotel LLC.
The single-tenant office/industrial building was developed in 2001. The property is of concrete-tilt construction and features traditional office areas, an air-conditioned production area, mezzanine storage and an evaporative cooled warehouse. Other building features include 28’ clear height, fire sprinklers, grade-level and truckwell loading and ample power. The building sits on over 1.5 acres and there are 77 parking spaces – some covered.
Cushman & Wakefield’s Rick Danis, Kent Hanson and Paul Boyle represented the seller, Accutron Real Estate Holdings, LLC of Phoenix. Bob Broyles of Colliers International repped the buyer.
The asset is located in the Deer Valley industrial submarket, which contains over 15 msf, making it one of the larger submarkets in Metro Phoenix. The Deer Valley submarket is home to almost 500 buildings/properties. As of the fourth quarter of 2016, vacancy in the Deer Valley submarket totaled 8.2%, slightly lower than the overall market vacancy of 9.1%.
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