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3/20/24
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A 25.6k sf lab property in Phoenix traded for $6.3 mil, or $246/sf. The property, located at 2801 South 35th St, is fully leased by Nextmune, a global animal pharmaceutical company.
The property was recently renovated to include a state-of-the-art, FDA-certified laboratory and manufacturing facility with multiple clean rooms and built-in coolers. The two-story building was originally built in 1991, before its renovation last year. The property, situated on 1.9 acres, serves as one of Nextmune's five laboratory facilities around the globe and is their only location in the U.S.
The property features 142 parking spaces, a gated yard, and loading docks with one grade-level door and one truck well. It is located south of Sky Harbor International Airport near six major freeways: Interstate (I-10), U.S. Highway 60, Loop 202 and 101, and I-17.
Geoffrey Turbow of CBRE Investment Properties represented the seller, Lasalle Company LLC and Hannay Investment Properties, in the transaction. PR & MC Properties LLC purchased the property in an exchange.
"This was an extremely rare, long-term leased flex industrial space in the heart of metro Phoenix," said Turbow. "The flex industrial building offers unmatched connectivity to the Valley's population. The proximity to Arizona State University provides Nextmune access to one of the nation's strongest labor pools."
According to CBRE Research, the airport industrial submarket continues to be one of the tightest industrial markets, boasting a vacancy rate of 3.8% in Q4 2023 and only 276k sf under construction within a nearly 77 msf submarket.
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