A California-based limited liability company is the new owner of the 17-year-old single building, a 59,504-sf, multi-tenant asset along West Culver Street in West Central Phoenix. The buyer of record, Richards Industrial Park LLC is an affiliate of Arizona-based AU Biltmore LLC.

Paul Boyle, a senior vice president in the Phoenix office of Grubb & Ellis Co., tells GlobeSt.com that his client purchased the property as a "long-term investment hold." G&E senior vice president Rick Danis co-brokered the sale. Mike Wilson of Wilson Property Services represented the seller, AU Ellwood/Richards LLC.

Boyle says the five tenants, who keep occupancy at 100%, signaled stability to the buyer, who was equally motivated by the product type and location, with good exposure to Interstate 10. Leases are staggered, says Boyle, with the two leads being Chem Central with 22,000 sf and Mattress Firm with 21,000 sf. The buyer also liked that the holding isn't "management intensive."

Boyle says the West Central Phoenix submarket represents about 12% of the entire Phoenix industrial base. Vacancies in the market are at 7.6%, well below the overall market average of 9.45%, according to Boyle.