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PHOENIX-A 54,900-sf industrial building in south Phoenix’s Pointe at South Mountain Business Park has gone for $4 million in a sale to Modern Industries, a high-tech manufacturing company.

The structure is located at 4755 E. Beautiful Lane, which is just south of Baseline Road and a half-mile west of Interstate 10. The purchase price, which includes about five acres of raw land, equates to $72.85 per sf. Modern Industries plans to expand its business with the new building, bringing in as many as 50 employees to the site. The company is headquartered in Phoenix about six miles north of the new building.

The Sky Harbor Airport submarket is among the strongest industrial areas in the Valley. At the start of the third quarter the industrial vacancy rate was 6.7% in comparison to the overall average of 7.2%. A number of submarkets have experienced negative absorption during the year, but the area around the airport remains at least slightly positive with 118,000 sf of absorption year to date.

Seller W.L. Gore & Associates is the patent holder for Gore-Tex and the manufacturer of products in a number of industries. W.L. Gore, which has extensive manufacturing operations in Arizona, has sold a number of properties in recent as it moves some manufacturing operations out of the Valley and out of state. The company has another building in the business park up for sale, a 51,000-sf industrial building and another 8.5-acre parcel. Dave Johnson, Rick Lee, Bill Blake, Allen Lowe and Bill Gosnell, all of Lee Associates Arizona’s Phoenix office negotiated the sale.

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