X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-A 12,000-sf industrial building has been acquired for $350,000 or $29 per sf. Carlton Property Management LLC of Phoenix is the buyer of the property at 424 S. Gilbert Rd. in Mesa.

The building is positioned at the southeast corner of Gilbert and Broadway roads, about 1 1/2 miles north of Superstition Freeway. It was 90% leased at sale time to three tenants, the largest of which is Harmon Glass, a windshield replacement company.

The Mesa area is one of the better performing submarkets in the Valley, with positive year-to-date net absorption of more than 83,000 sf. At the start of the fourth quarter, the vacancy rate for industrial space in the Mesa-Gilbert was 6.5% in comparison to an overall 8.7% in the Valley. The strongest demand in Mesa is for general industrial space, which has a vacancy rate of just 5.1%.

Colorado investor Gene Goldsworth is the seller. Tony Ardizzone of Grubb & Ellis Co.’s Phoenix office handled both sides of the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.