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9/11/19
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Mygrant Glass paid $13.15 mil for a 130.3k sf ($101/sf), warehouse and manufacturing building in Tempe, AZ. Mygrant will take occupancy of the facility, located at 550 W. Southern Ave, later this year.
The property was sold by G2 Capital, who acquired the building In 2018 with plans to renovate the asset once the tenant vacated the property several months later. The property recently completed extensive interior and exterior renovations to the warehouse, production and office space, and had strong activity both from prospect tenants and purchasers throughout the process.
Situated on 9.78 acres, the property comprises 80k sf of warehousing space with 38-foot clear height, 40k sf of production space with 14-foot clear height and 10k sf of office space. The expandable property features dock-high and grade-level loading and a 3.5-acre yard for heavy parking or outdoor storage. The building also offers frontage along Southern Avenue and is conveniently located three miles from Sky Harbor International Airport.
Cooper Fratt, John Grady, John Werstler and Jackie Orcutt of CBRE in Phoenix represented the seller in the transaction.
In the first half of 2019, the Southwest Tempe submarket has already eclipsed 2017 and 2018 yearly net absorption totals, reaching 172k sf of net absorption over Q1 and Q2 2019, according to CBRE Research.
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