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June 24, 2024
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Phoenix Single-Tenant Facility Trades for $200/sf


A freestanding, 35.4k sf single-tenant industrial/flex property in Phoenix traded hands for $7.135 mil ($201/sf). The facility sits on more than 2.5 acres at 2655 E Magnolia St, adjacent to I-10 and Phoenix sky Harbor International Airport.

The building was originally constructed in 1984, but recently underwent a significant modernized renovation in 2021. The property features a training center, warehouse/showroom with 16-foot clear height, and 145 total parking spaces on site. It is 100% leased on a triple net basis to a major local HVAC company.

Chris Hollenbeck, Shane Carter, Tracy Cartledge, and Bob Buckley with Cushman & Wakefield represented the seller in the transaction. The buyer was MHS Magnolia LLC.

“This is a very attractive net lease investment asset of a quality building on an abundant lot that is supported by a strong long-term tenant with corporate guaranty. The property recently received a notable capital infusion to modernize the facility, including upgrading the training center, a new roof, and more,” said Executive Managing Director Chris Hollenbeck. “The property is well positioned in the Sky Harbor International Airport Business Park just south of downtown Phoenix and has partial visibility from and convenient connectivity to Interstate 10.”

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