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11/12/20
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A 7.7k sf, single-tenant industrial property in the greater Phoenix area sold for $3.2 mil ($416/sf). The buyer was a SoCal private capital investor involved in a 1031 exchange.
Located at 1410 W Harvard Ave in Gilbert, the building is occupied by Core & Main, which renewed its lease in early 2020. One of the nation’s largest waterworks wholesale suppliers, the firm has been a tenant at the property since its construction in 2002. The 3.3-acre site features a large paved fenced yard for storage of water, sewer, storm drain and fire protection products.
Mike Parker of CBRE in Phoenix represented both the buyer and the seller, a Canadian investment group, in the transaction.
“This was a great opportunity for the buyer to recognize increased investment returns in the metro Phoenix market by utilizing proceeds from a multifamily investment sale in Southern California for the purchase of this industrial property,” said Parker.
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