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3/06/25
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An 82.3k sf industrial facility in Tempe, AZ sold for $16.8 mil, or $204/sf. The property was sold by Diversified Healthcare Trust.
Built in 1981, the infill property sits on 5.33 acres along Priest Drive at 1415 West Third St, with three acres of excess land available for heavy parking, yard use or potential building expansion. The building features a floorplate divisible to 23k sf, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100% air conditioning and 265 parking stalls. With immediate access to Loop 202 at Priest Drive, the facility provides connectivity to all of metro Phoenix.
CBRE’s Evan Koplan and Charlie von Arentschildt represented the seller in the transaction.
“This sale highlights the continued demand from both users and investors looking for well-located and functional industrial properties in the Phoenix metro area,” said CBRE’s Koplan. “With its size, expansion capabilities, ample yard space, modern amenities, and prime accessibility, this facility is well positioned to support the buyer’s needs.”
The property is in the Airport Area submarket, where new construction is limited, and the vacancy was 4.3% at year-end 2024, according to CBRE research.
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