PHOENIX-An old bakery situated within three miles of Sky Harbor International Airport has changed hands in a $1.2-million deal that gave the buyer a vacant 49,943-sf industrial building right next door to another of its land holdings.

Phoenix Adobe Partners, a subsidiary of the investment group Harrison Properties, picked up the single-story warehouse building at 1502 E. Buckeye Rd. from seller Sky Harbor Investors about 15 months after the property’s last tenant moved out, Steve Mardian with Grubb & Ellis/BRE Commercial, tells GlobeSt.com.

Mardian says the buyer was interested in acquiring the building because of its location adjacent to another parcel of land it currently owns. “It was bought as an investment,” he says of the former Fry’s bakery, located near 16th Street and Buckeye Road. Mardian, who represented the buyer in the warehouse sale, says the new owner has not yet decided whether to keep the building and eventually lease it or tear it down. Sky Harbor Investors was represented in the sale by Rob Stephens with Cushman & Wakefield of Arizona Inc.’s Phoenix office.

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