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PHOENIX-Sieroty Co. has made its third acquisition in the area in 18 months, buying a just-completed, 176,540-sf warehouse in Reywest Industrial Park from Majestic Realty Co. Sieroty used 1031 exchange funds for the $12.2-million transaction.

Evan Kaizer, president of Sieroty Co. in Los Angeles, says the warehouse at 121 N. 39th Ave. is empty, but there has been tremendous interest from prospective tenants. “We just closed on this and we hope to have some deals inked shortly,” he says. Senior vice presidents Don and Payson MacWilliam with Colliers International in Phoenix have the leasing assignment. According to Colliers’ website, the quoted rate is $5.16 per sf.

Sieroty’s local real estate includes Broadway Court, a 38,530-sf, three-building office complex at 3230 E. Broadway Rd., which was acquired in early February and 22 acres along Van Buren Street in Tolleson. Kaizer tells GlobeSt.com that Sieroty, which has most of its holdings in Southern California, plans to focus on the Phoenix market for the next six to 24 months. He adds that Sieroty is looking for well-priced, quality assets with a solid income stream.

Kaizer says the Reywest project was a good match although it’s empty because it’s located in the far west submarket. Majestic Realty, based in the City of Industry, CA, did a first-class job on the project, he adds. “We sold a property in Los Angeles so there was added incentive to place some funds in a Phoenix asset,” he notes.

Sieroty’s management is interested in Phoenix for a variety of reasons, one of which is the area’s growing popularity as a “second port” city to the Long Beach and Los Angeles. “There are only so many open spaces left on which you can build in Los Angeles and the Inland Empire,” Kaizer points out. “Just as we grew our portfolio in Southern California, we saw Phoenix as the next logical step and a good spot for us to diversify.”

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