TEMPE, AZ-CCA Acquisition, a San Fernando Valley, a California-based investment company, has closed a $2-million acquisition of a 40,300-sf multi-tenant building in the heart of Tempe’s industrial district.

The 40,300-sf industrial building is situated at 1721 W. 10th Place. It is near the southwest corner of Priest and University drives and about a mile north of the intersection of Interstate 10 and Superstition Freeway. Sky Harbor Airport is about two miles west of the building site.

As with most submarkets in the Valley, Tempe’s industrial market has been off for the past few quarters. Year to date, Tempe has a negative net absorption of more than 400,000 sf in its industrial market, the second highest of any Valley submarket. The vacancy rate at the end of the second quarter was 7.4% in comparison compared to 7.2% overall.

Rich Sica of the Phoenix office of DAUM Commercial Real Estate Services, represented the seller, 10th Place Properties LLC. Bill Pentz of DAUM’s San Fernando Valley office, acted on the buyer’s behalf.

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