PHOENIX-Capital Commercial Investments, an Austin, TX-based investment group, has entered the market by acquiring a 94,503-sf manufacturing facility for $4.9 million. The buy includes an extra 4.7 acres.

“Phoenix is one of the key markets that Capital Commercial Investments wanted to enter,” says Paul Boyle of Grubb & Ellis/BRE Commercial LLC who represented the buyer along with partner Rick Danis. Dennis Desmond of Trammell Crow Co. represented the seller, International Capital Partners, a private investment group located in nearby Scottsdale that owns 18 properties, totaling 1.4 million sf of commercial real estate throughout the Valley.

The circa-1950s building, which is 100% leased to Honeywell, is located at 202 S. 27th St. near Sky Harbor International Airport. Not only has been refurbished, but Honeywell has made a significant investment in the building’s infrastructure, Boyle says.

Boyle tells that Capital Commercial Investments came to Phoenix and decided to acquire the facility in off-market transaction. “They liked the location near the airport and the manufacturing use,” he says. “It fit their acquisition criteria very well.”

Honeywell, which uses the facility to manufacture defense and airline equipment, only has another 18 months on the lease. Nonetheless, Boyle contends the asset’s price was “very competitive.” After four months in escrow, the buyer paid for the asset in cashand plans to put new financing on the asset in the near future, he says. Capital Commercial Investments, which invests in single-tenant industrial assets across the Southwest, is looking for additional net-lease assets in the Valley.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.