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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
