CBRE has completed the sale of a 97,500 sq. ft. industrial property located at 440 North 51st Avenue in Phoenix, AZ. Bill Bayless with CBRE’s Phoenix office represented the buyer, Dolphin Manufacturing.
The seller, Kalyx, was represented by Steve Sayre with JLL. The total consideration for the transaction was $7.33 million.
“Dolphin Manufacturing’s current facility is being displaced due to a freeway expansion,” said CBRE’s Bayless. “440 offered the perfect size and location for a replacement facility.”
The 97,500 sq. ft. industrial property has served previous tenants both as a corporate headquarters and distribution facility. The building will be used as a manufacturing facility.