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12/17/24
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A 33.3k sf, freestanding industrial building in Phoenix’s highly desired Sky Harbor Airport submarket traded for $7.8 mil ($234/sf). The single-tenant asset, located at 4750 South 32nd St, is currently 100% leased to BMWC Constructors.
The property was acquired by a private family group of investors in Southern California. Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy and Katie Repine of the firm’s Private Capital Group represented the seller, an affiliate of ATLAS Capital Partners, LLC, a multi-disciplinary real estate firm with investments across industrial, multi-family, office, and retail asset classes, headquartered in Scottsdale.
“This stabilized industrial asset is well-positioned in a high-growth Airport location, as one of the region’s most prized industrial submarkets,” commented Bundy. “The building’s size will allow the owner to capitalize on the ongoing strong demand for small bay industrial space in the area. Notably, the combination of healthy tenant demand and easing construction activity have allowed fundamentals to remain strong in the 100k sf or less industrial property segment.”
“Adding to its alluring investment profile, the property resides in an established and highly supply-constrained area, with limited land sites currently available for any new industrial construction opportunities. The building boasts convenient access to I-10, I-17, and Loop 202 freeways, with a strategic location near the airport and Downtown Phoenix—two of the most coveted industrial hubs in the Phoenix Metro area," added Repine.
According to Cushman & Wakefield’s latest Q3 2024 market report, vacancy in the Airport submarket stood at a healthy single-digit rate of 6.5%. Its average asking rate stood at $1.17 per square foot NNN per month, which is $0.05 above the Phoenix Metro’s overall average.
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