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12/29/22
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A 48.5k sf industrial building in Phoenix was purchased by a private investor in an $8.5 mil ($175/sf) deal. The property, located at 3201 East Broadway Rd, was sold by Atlas Phoenix.
Located south of Sky Harbor International Airport, the industrial building is fully triple net leased to Barnes Aerospace, an aerospace and industrial component manufacturer. The building was built in 1999 on 2.81 acres. Twenty percent of the building is office space, while the remaining 80% is warehouse space. The property sits on the corner of East Broadway Rd and 32nd St, south of Interstate 10 (I-10).
Geoffrey Turbow, Gary Cornish, Cooper Fratt and Tanner Ferrandi with CBRE represented the seller in the transaction.
"Despite economics headwinds, we continue to see strong buyer demand from out-of-town capital for investments like the subject property," said Turbow. "Even with the short-term weighted average lease term, Phoenix continues to draw capital from outside states looking for strong fundamentals."
The Phoenix industrial market has generated strong results in recent years. The airport area continues to have the Valley's lowest vacancy rate, according to CBRE research. Because of the submarket's proximity to State routes, the I-10 and a major international airport, the area posted a 2.0% vacancy rate in the third quarter.
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