Lee & Associates brokers $7M commercial real estate industrial sale in the local market.

PHOENIX-Lee & Associates has brokered the sale of an industrial commercial real estate asset in the local market. The 127,680-square-foot building, which is 50% leased, sold for $6.8 million, and is tenanted by Blue Line Foodservice Distribution.

Stein Koss, a principal of Lee, represented the buyer, Ivy Trust, which is based in Mountain View, CA. The seller, High Time LLC, is local and represented by Bo Mills, Jackie Orcutt and Mark Detmer of Cushman & Wakefield.

The building is at 420 S. 53rd Ave., in a complex called Freeport Center. Ivy is willing to give a new tenant a “below-market lease rate,” according to Koss.

The Phoenix industrial sector had a 12.1% vacancy rate in the third quarter, according to Cushman’s research team, up from 13.4% in the same year-ago period. Asking rents are 59 cents per square foot.

The building was constructed in 1987 and has 30-foot-high ceilings. It’s dock doors are 10 feet by 10 feet. 

Lee has 40 brokers in the local market. It opened its Phoenix office in 1991.