PHOENIX, AZ – February 27, 2013 – (RealEstateRama) — The Industrial Metal Supply Co. building at 5150 S. 48th St. in Phoenix sold to a Newport Beach, CA buyer for $9 million in cash. Price per square foot for the 82,742 SF building was reported at $108.77.
Built in 2001, the warehouse/offi ce building features 30’ clear height ceilings, 15,000 SF of offi ce/showroom space, storage yard, abundant parking and high visibility from the corner of 48th St. and Roeser Rd. It is situated on 4.89 AC of land in the master-planned Cotton Center industrial park which is located near Sky Harbor International Airport and major freeway corridors.
Scott Smith and Rick Robertson, Principals with Lee & Associates Arizona, negotiated the transaction on behalf of the buyer, Newport Beach, CA-based Wells Family Partnership. Steven Schnitzer of Steven J. Schnitzer, LTD. represented the seller JFBB Enterprises, Inc. of Scottsdale. Scott Smith, who transferred from the Lee Orange offi ce to Phoenix this past year, was instrumental in the transaction process. “The buyer was looking for a higher yield on a quality property and was willing to look outside of California and he found both with the IMS facility,” Smith said. “Arizona’s growth prospects were also appealing,”
Scott Smith 602-954-3768
Rick Robertson 602-954-3748
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.
Senior Research Analyst
Public Media Relations
mdepinto (at) leearizona (dot) com