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1/16/25
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A 188.1k sf manufacturing and distribution building in Phoenix sold for $27 mil ($144/sf). The buyer was i3 Interests. The asset was sold by Bailard, who purchased the building in September 2017 and has since completed its business plan for the property prior to selling.
The state-of-the-art facility, located at 7822 South 46th St, is fully leased to BAE Systems, a U.S. Military helicopter and aircraft seat provider. The property features heavy power, dock-high loading, 100% HVAC and 450 auto parking spaces. The building sits on 8.49 acres, with an additional 2.8 acres for future development.
The property has easy access to I-10 via the full diamond interchange at Baseline Road and is ideally located just south of Phoenix Sky Harbor International Airport.
CBRE National Partners’ Rusty Kennedy, Joe Cesta, Rebecca Perlmutter, along with Evan Koplan, Geoff Turbow and Anthony DeLorenzo, represented Bailard in the deal.
“i3 recognized the significant value in this asset given the extremely low vacancy in the submarket, exceptional tenant profile, and ability to meet the growing demand for manufacturing space in the Phoenix MSA,” noted Kennedy.
According to CBRE research, the airport area remains one of the tightest submarkets in the Valley, with a low 3.9% vacancy rate. Phoenix continues to rank among the nation's top projected rent growth markets and is No. 1 in the nation for manufacturing growth. At the time of sale, no existing lease opportunities existed in the 125k sf – 300k sf. range in the Sky Harbor Airport submarket.
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