Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.