Flex and Warehouses Find Favor with Investors and Tenants

WR Group signed a lease at 101 Scottsdale North at 16648 N. 94th St.

TUCSON, AZ—With nearly 4.4 million people, Greater Phoenix is the 13th largest metropolitan area in the US and the region’s population is expected to nearly double in the next two decades, according to city of Phoenix statistics. Located at the center of several municipalities, including Scottsdale, AZ and Glendale, AZ, Phoenix comprises 60% of the metro area population.

Along with the added population spurring activity across all property sectors, investors are taking notice of varied property types such as the 72,000-square-foot former Raytheon Missile Systems flex office building. Building M10 at 3360 E. Hemisphere Loop in Tucson recently sold for $10.5 million, with a price per square foot of $145.83. The buyer was 3360 E. Hemisphere Loop LLC of Scottsdale, AZ and the seller was DCG IV LLC, a Seattle-based investment firm.