The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 27, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
AZ Industrial Building Bought by Owner/User in $5.5 Mil Deal

9/21/23

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.






Return to the Archive page


 
 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media