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1/29/21
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An LA area investor purchased Phoenix Paver’s headquarters and production facilities in Phoenix for $14 mil in a sale/leaseback transaction. Comprising four neighboring properties in the airport area, the acquisition consists of approximately 73k sf of structures situated on a total of 14.5 acres.
Phoenix Paver is a privately-owned manufacturer of residential and commercial pavers. Subsequent to the sale, the company signed a long-term lease for the entire property(s).
The Phoenix Paver sites include three paver manufacturing facilities, one serving as the company’s headquarters, plus a warehouse facility. The locations include 515 and 545 Elwood Rd (Plant One), 301 Elwood St (Plant Two and Headquarters), 101 W Elwood St (Plant Three), and 314 W West Rd (Warehouse Facility and Future Plant 4).
The facilities are in the heart of the metro area, 1.5 miles south of downtown Phoenix and one mile south of Interstate 17, with Interstate 10 and the Phoenix Sky Harbor International Airport within a few miles. Additionally, the anticipated completion of the 5.5-mile South Central light rail extension in 2024 will add two stations within a half mile.
Bob Buckley, Tracy Cartledge and Chris Hollenbeck of Cushman & Wakefield’s Capital Markets in Phoenix represented Phoenix Paver in the transaction. Phoenix Paver, founded in 2005, intends to use the proceeds from the sale of this asset to pay off all existing debt plus fund future growth.
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