127,680 SF Distribution Building Sold For $6.8 Million at Freeport Center
PHOENIX, AZ – December 21, 2012 – (RealEstateRama) — An industrial building at Freeport Center, 420 S. 53rd Ave. in Phoenix sold for $6.8 million. Included in the transaction was an adjacent 2.09 acre, fully-improved land parcel.
The buyer was Jerry Ivy Trust of Mountain View, CA and was represented by Lee & Associates Principal, Stein Koss. The seller was High Time, LLC of Phoenix who were represented by Bo Mills, Mark Detmer and Jackie Orcutt of Cushman & Wakefi eld.
The building sits at 50 percent leased with 63,840 SF available. The remaining 50 percent is occupied by Blue Line Foodservice Distribution.
“This investment offers a tremendous opportunity for the buyer with a stable tenant in place. The vacant space is ‘move-in’ ready and will offer the new tenant Class A space at a below market lease rate,” Koss said.
The building was constructed in 1987 and features 30’ high ceilings, (7) 10’x 10’ dock-high doors, (1) 22’ x 12’ drive-in ramp, a fenced and secured truck court and A-2 Heavy Industrial Zoning. It is located south of Interstate 10 and east of the proposed South Mountain Freeway, Loop 202 Freeway.
Contact: Stein Koss at 602.912.3520
skoss (at) leearizona (dot) com
About Lee & Associates Arizona
Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, offi ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in the state. Each of the 46 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.
Contact:
Matt DePinto
Senior Research Analyst
Public Media Relations
ph: 602.474.9512
mdepinto (at) leearizona (dot) com
www.leearizona.com
