The investment team's new holding is situated at 5445 W.Missouri Ave. The refrigerated warehouse is positioned on sevenacres, primarily undeveloped land. Seller Jim Lewis of Denver hasrealized $43.50 per sf in the sale. Negotiating the sale has beenStein Koss and Rick Lee, both of Lee & Associates' Phoenixoffice, and Bruce McAlfee of the Grubb & Ellis Co.'s Phoenixbrokerage team.

The warehouse, which is half leased, is just north of CamelbackRoad and west of 51st Avenue. Interstate 17 is a little more thanthree miles to the east. The northeast Valley, including Glendale,has begun to receive more development attention from residentialand commercial developers in recent years with the completion ofLoop 101, which is about four miles west of the property. TheGlendale submarket is one of the Valley's healthiest industrialmarkets, bearing a 4.5% vacancy rate whereas the Valley's averageis close to 8%.

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