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Off-market Sale of LA Industrial Building

30.09.2020, 00:51

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.

CAMFIL HVAC Filtration Solutions

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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