Black Canyon Vitality Sparks $640,000 Sale

PHOENIX-An industrial building in Phoenix commands $640,000 from California jeweler, Irmas Gold & Co., headed by Rob Irmas. The Encino investor paid $36.36 per sf for the 17,600-sf building at 3144 W. Lewis Ave.

Rod Crotty of Cutler Commercial in Phoenix handled the negotiations for the Phoenix-based seller, 3144 W. Lewis LLC. Paul Boyle and Rick Danis, a Grubb & Ellis Co. Phoenix team, represented the buyer.

The building was 100% occupied at sale time. It is located about a half mile west of Black Canyon Highway or Interstate 17, just south of Thomas Road. The Black Canyon submarket is among the Valley’s healthiest for industrial properties, boasting a vacancy rate of 5.3% at the start of this quarter. The Valley’s overall industrial vacancy rate is 8.7%. The region is suffering somewhat from the slowed economy and has posted negative net absorption of more than 250,000 sf year-to-date.