Transwestern Koll Airpark LLC is the seller of the property,located at 2180 S. 24th St. It is about a mile from Sky HarborInternational Airport and less than a quarter mile south ofInterstate 10.

Buyer Airpark Business Center LLC, a limited liability company,has shelled out nearly $47 per sf for the acquisition, positionedat the northwest corner of 24th Street's intersection with MagnoliaStreet.

Airport-area industrial space has been less in demand in thepast fiscal quarter, but has done better than most submarkets. TheSky Harbor area had a negative net absorption of 152,000 sf duringthe second quarter, pushing up its vacancy rate to 6.7%. TheValley's overall industrial vacancy rate is 7.2%, according to arecent Grubb & Ellis Co. survey.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.