The Riverview Business Park.
Off-market Sale of LA Industrial Building
Cushman & Wakefield has brokered the disposal of a freestanding industrial building within the Riverview Business Park in Phoenix, Arizona, to Los Angeles based investment firm, Top Ten Partners L.P., in a transaction worth US $6.9 million.
The 14,000 SF manufacturing facility occupies 6.14 acres and is leased to a manufacturer of wheelchair accessible vehicles.
The property at 2625 S 12th Street was developed in 2018, and is positioned between 7th and 16th street along Riverview Drive which provides convenient access to the Interstate 17 (I-17) and Interstate 10 (I-10) transcontinental Interstate Highways in one of the strongest growth markets in the valley.
Robert Buckley, Cushman & Wakefield Executive Director, comments: "This was an attractive investment opportunity of a recently developed single-tenant asset on a large piece of land in a desirable location. Fully leased to a strong tenant with a long-term lease in place, provides the Buyer with a stable improving income by virtue of scheduled rental escalations."
The seller was Phoenix-based Harrison Properties.