Harrison Properties Inc., a Phoenix-based developer and investor in commercial real estate, has purchased two industrial buildings totaling 200,220 sf for $4.15 million. The two buildings are at 5355 and 5365 N. 51st Ave. in Glendale, a suburb of Phoenix, and are astride one another. One building is 102,674 sf and the other is 97,546 sf. Both buildings were 90% occupied at the time of the sale.
Honolulu-based Robert Cosco Trust was the seller of the buildings.
The two buildings are less than a quarter mile from the Burlington Northern Santa Fe Railroad line and Grand Avenue and about three miles from Interstate 17.
The Glendale area is one of the tightest in the Valley for industrial space. At the start of the year, the vacancy rate in Glendale was approximately 4.5%, compared to a Valleywide vacancy rate of 7.7%for industrial space.
The Phoenix office of Cushman & Wakefield, with broker Rob Stephens, negotiated the transaction.
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