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PHOENIX-Private investors from California have spent $5.3 million for a 102,200-sf industrial building in Phoenix.

John and Jenise Luttgens of Temecula acquired 2601 S. 37th St. from Amberjack Ltd. of Bloomington, IL, a subsidiary of State Farm Insurance. Professional Hospital Supply is the sole tenant. The Phoenix office of CB Richard Ellis, with brokers John Werstler and Bill Bayless, brokered the sale for both parties.

The property is located less than a half mile south of Sky Harbor International Airport, just north of University Drive and west of 40th Street. It also is less than a mile from Interstate 10.

With a vacancy rate of 5.87% at the end of the second quarter, the Sky Harbor submarket is one of the healthiest in the Valley, which has an overall vacancy in industrial space of 6.25%. It is one of the few submarkets to have experienced positive net absorption year to date. More than 288,000 sf of industrial space has been leased in the area by midyear.

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