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July 25, 2024
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AZ Industrial Sales Comp Works Out to $159/sf


In an AZ industrial buy, Pennybacker Capital Management LLC paid $11.5 mil for a fully leased 72.1k sf ($159.50/sf) facility in Tempe. Known as the Tempe Industrial Center the freestanding building is 100% leased and serves as the headquarters to a high-end bike manufacturing company.

Located at 6720 S Clementine Rd, Tempe Industrial Center is strategically located near multiple freeways, including Interstate 10, and is in close proximity to State Routes 202, 60 and 101. The location is also minutes from Sky Harbor Industrial Airport.

Cushman & Wakefield’s Phil Haenel, Mike Haenel, Will Strong and Andy Markham, SIOR represented the Austin, TX-based buyer and the seller in the transaction.

“The property is well positioned in the South Tempe industrial submarket, where vacancy is 4.0% according to Cushman & Wakefield’s latest Q3-2022 market report. The property is also a prime example of the many manufacturing operations and corporate headquarters Tempe houses across a variety of industries,” said Phil Haenel.

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