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9/21/23
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A 23.4k sf industrial building in Gilbert, AZ sold for $5.5 mil, or $235/sf, to a family-owned corporation. With the sale, the building will become the headquarters of Swain Electric, a Gilbert-based electrical contractor. The property is located at 1416 West San Pedro St, about 20 miles southeast of downtown Phoenix.
Blake Hardison at Ike Commercial Real Estate repped the buyer. Dan Casey with DAUM Commercial Real Estate Services represented the property seller, Sunstone Rover LLC, in the transaction. According to Casey, the property attracted multiple local and out-of-state investors, tenants, and owner/users almost immediately. Within the first week of listing, the seller had multiple lease and sale options, awarding the deal to a Phoenix-based owner/user at an above asking price.
Owner/user, investor, and tenant demand remains strong in the Phoenix market with limited Valley wide inventory of free-standing buildings between 10k sf to 50k sf. According to CoStar, vacancy rates for existing single-tenant buildings in this size range hover around 2.8%.
Over the past 20 years Gilbert, a submarket in the southeastern Phoenix Metro area, has been one of the fastest growing towns in the United States. The town’s population grew 28.5% between 2010 and 2020, according to the 2020 Census. Gilbert is also a wealthy and well-educated suburb. The reported median household income is over $104,000, higher than both the Arizona and national medians, and the population is well educated with over 47% attaining a college or graduate level education.
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