The 1970s-vintage package totals 376,389 sf. Harold Mogelefsky and Gary Tenney, both of Colliers International's Phoenix office, represented buyer and seller. Mogelefsky tells GlobeSt.com that this is the second time he has sold the portfolio in three years.

Four of the 11 buildings are located along North 23rd Avenue; two along North 17th Avenue; two along North 22nd Avenue and one each along West Roosevelt Street, 19th Avenue and West Encanto Drive. Mogelefsky says the portfolio is 94% occupied. In 30 days, the owner can hang a "no vacancy" sign, he says.

The buyer is a real estate partnership of the Cowley family, which has substantial holdings in metro Phoenix. The plan is to utilize local management for handling the portfolio and allowing Colliers International to continue with the leasing assignment.

Mogelefsky says the seller wanted to dispose of the portfolio because of the difficulty in managing a long-distance asset. The seller intends to swing the proceeds into a New Jersey property. The package deal was on the market for just a short time. Four other offers were put on the table.

"Central Phoenix is a stable market when the economy is tight, because instead of looking for image, tenants look for price," says Mogelefsky. The portfolio is located in an affordable area where rents range from 32 cents per sf to 34 cents per sf industrial gross.