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PHOENIX-A private investor has purchased a vacant building positioned on about 4.4 acres in west Phoenix in a plan to raze the structure and put a 66,000-sf multi-tenant industrial project in its place. The Halstead Lumber Yard has brought $440,000.

Harry Rabadi of Phoenix purchased the 5,525-sf industrial building at 3515 W. Clarendon Ave. from Joseph F. Halstead. Steve Bodeman of the Phoenix office of DAUM Commercial Real Estate Services handled the property sale. The property is located at the southwest corner of 35th and Clarendon avenues, which is south of Indian School Road and within miles of Interstate 10 and 17.

The west central Phoenix submarket is among the Valley’s tightest, with a vacancy rate of 4.1%. The Valley’s overall industrial vacancy is 7.2%. Like most Valley submarkets, the west central Phoenix area has experienced negative net absorption this year, putting back nearly 250,000 sf so far. No new construction was under way in the area at the start of the third quarter, according to recent surveys.

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