Seller Harold Edelstein Living Trust, based in California, walked away with $17 per sf for the property. The building is two blocks from the intersection of Interstate17 and Interstate 10 in the West Valley.
But it's the holding's location that has baited the sale. It is positioned in the Valley's most popular submarket for industrial space, where vacancy is just 4.1% as of the third quarter's start. In comparison, the Valley's overall industrial vacancy is 7.2%.
Sealing the deal were brokers Andy Markham and Mike Haenel, both of the Grubb & Ellis Co.'s Phoenix office.
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