BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed real estate properties, has purchased the Shasta Beverages, Inc. warehouse facility, located at 301 S. 29th St. in Phoenix, for $1.9 million. The all-cash deal closed in 18 days.
“This property presented a prime investment opportunity as we are actively pursuing properties in Arizona to grow our industrial portfolio,” said Steve Jaffe, executive vice president and general counsel for BH Properties. “Located in a high-traffic location, the warehouse is ideal for any number of businesses looking to expand in the Phoenix area and can accommodate a variety of uses. The purchase also highlights our ability to identify an asset, review all aspects and close rapidly which, in this case, was of concern to the seller.”
Centrally located near the Phoenix Sky Harbor International Airport, the 62,776-square-foot, two-story warehouse features three car spots for rail service and seven grade-level truck doors with triple wide truckwell and dock levelers.
The demand for warehouse facilities continues to increase in order to meet the needs of not only online retailers, but also call centers and non-traditional tenants, looking for space near high-traffic transportation hubs. Reports indicate that vacancy rates have decreased in the second-quarter, due to a surge in net absorption across the Greater Phoenix area.
Kirk Jensen, executive vice president for DAUM Commercial Real Estate Services, represented BH Properties and Shasta Beverages in the transaction.