Transwestern Koll Airpark LLC is the seller of the property, located at 2180 S. 24th St. It is about a mile from Sky Harbor International Airport and less than a quarter mile south of Interstate 10.
Buyer Airpark Business Center LLC, a limited liability company, has shelled out nearly $47 per sf for the acquisition, positioned at the northwest corner of 24th Street's intersection with Magnolia Street.
Airport-area industrial space has been less in demand in the past fiscal quarter, but has done better than most submarkets. The Sky Harbor area had a negative net absorption of 152,000 sf during the second quarter, pushing up its vacancy rate to 6.7%. The Valley's overall industrial vacancy rate is 7.2%, according to a recent Grubb & Ellis Co. survey.
The Phoenix office of Grubb & Ellis, with brokers Paul Boyle and Rick Danis, represented the buyer. Jim Zemezonak and Frank Demeter, both of the Phoenix office of Boulders Realty, handled the deal for the seller.
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