Rod Crotty of Cutler Commercial in Phoenix handled thenegotiations for the Phoenix-based seller, 3144 W. Lewis LLC. PaulBoyle and Rick Danis, a Grubb & Ellis Co. Phoenix team,represented the buyer.
The building was 100% occupied at sale time. It is located abouta half mile west of Black Canyon Highway or Interstate 17, justsouth of Thomas Road. The Black Canyon submarket is among theValley's healthiest for industrial properties, boasting a vacancyrate of 5.3% at the start of this quarter. The Valley's overallindustrial vacancy rate is 8.7%. The region is suffering somewhatfrom the slowed economy and has posted negative net absorption ofmore than 250,000 sf year-to-date.
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