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TEMPE, AZ-Mountain West Industrial Holdings, based in Greenwood Village, CO has added to its office/industrial holdings in the Phoenix market with the purchase of Airport Plaza, an 84,118-sf multi-tenant office/warehouse property, from London Properties, LLC of Canada. The final price of $6.2 million was $400,000 below the ask.

The property, located at 939-947 S. 48th St., was on the market 45 days. “We had about nine or ten offers on the property,” Tracy Cartledge, vice president of Trammell Crow Co.’s Phoenix office, “and we felt they were the most capable.” The TCC team included Bob Buckley and Steve Lindley.

Occupancy at the time of the sale was 80%. “Unfortunately, we had a number of tenants moving out during escrow, but a couple of new leases came on line after they went non-contingent, which will bring occupancy up to the mid-80s,” Cartledge tells GlobeSt.com. Meanwhile, he adds, the seller, from Canada, parted with the property because he wanted to pursue more investment opportunities in his home country.

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