The investment team's new holding is situated at 5445 W. Missouri Ave. The refrigerated warehouse is positioned on seven acres, primarily undeveloped land. Seller Jim Lewis of Denver has realized $43.50 per sf in the sale. Negotiating the sale has been Stein Koss and Rick Lee, both of Lee & Associates' Phoenix office, and Bruce McAlfee of the Grubb & Ellis Co.'s Phoenix brokerage team.
The warehouse, which is half leased, is just north of Camelback Road and west of 51st Avenue. Interstate 17 is a little more than three miles to the east. The northeast Valley, including Glendale, has begun to receive more development attention from residential and commercial developers in recent years with the completion of Loop 101, which is about four miles west of the property. The Glendale submarket is one of the Valley's healthiest industrial markets, bearing a 4.5% vacancy rate whereas the Valley's average is close to 8%.
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