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10/12/22
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A 115.3k sf industrial warehouse in Phoenix sold to a private investor for $17.25 mil, or about $150/sf. The seller of the property, located at 4202 W. Washington St, was James Greaves of G2 Capital. Although purchased vacant, the property was leased immediately following the sale.
Built in 1983, and completely renovated in 2022, the rail-served warehouse features 28’ clear height, 14 dock doors, a grade-level ramp, two rail-served doors, 6.2k sf of steel mezzanine and 2k sf of office space. Building updates include a new parking lot, paint, landscaping, fencing, roofing, AC units, roll-up doors, rail spurs and exterior metal doors.
Situated in the Southwest Valley submarket, the property provides immediate access to Interstate 10, Interstate 17 and the Loop 202 freeway, making it accessible by 1.7 million people within a 30-minute commute. It is also a 20-minute drive of Phoenix Sky Harbor International Airport.
Geoffrey Turbow and Gary Cornish of CBRE repped the buyer, a partnership of three private 1031 exchange buyers from California. John Werstler, Cooper Fratt and Tanner Ferrandi, also with CBRE, represented the seller in the deal.
The Southwest Valley continues to be the major driver for leasing activity in metro Phoenix with over 6.2 msf of absorption, or 61% of the market’s gross leasing activity in the second quarter of 2022, according to CBRE research. The submarket has recorded over 10.9 msf of positive net absorption year-to-date, which is double that of any other submarket in metro Phoenix year-to-date.
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