(To read more on the industrial market, click here.)
PHOENIX-SunCor Development Co. and Ryan Cos. have sold the503,239-sf Riverside Distribution Center for $33.7 million. Pensionfund investor McMorgan & Co., which had shown interest in thecenter the first time it hit the market, came away with theprize.
"We'd had an agreement with another buyer to sell this somemonths ago, but a major tenant went bankrupt before moving in,"says Joe Porter, senior vice president for CB Richard Ellis inPhoenix. "We took the building off the market for a couple ofmonths until we could stabilize it, then filled the space withKroger, which became our lead tenant."
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