Oct. 31, 2013- CBRE has completed the sale of an 88,774-square-foot, two-building industrial property located at 43 N. 48th Ave. in Phoenix, Ariz. The all-cash transaction totaled $2.5 million.
Jerry McCormick and Cooper Fratt of CBRE’s Phoenix office represented the seller, Atkinson Land Holdings LLC of Mesa, Ariz. The buyer, La Habra, Calif.-based tool and manufacturing company Chrisman Lock Chiang, was represented by John Soldo and Leroy Breinholt of Commercial Properties Incorporated in Phoenix, Ariz.
“This sale is another excellent sign that manufacturing users are becoming more active in Phoenix,” said CBRE’s McCormick. “This is also another indication of those companies leaving California for locations in Arizona.”
Located in the southwest valley submarket, the industrial property sits on a four-acre lot. Comprised of two buildings (totaling 56,274 square feet and 32,500 square feet each), the 88,774 square-foot complex features 2,434 square feet of office space and clear heights of 18-24 feet. The property was 100% vacant at time of sale. The new owner/user is currently making improvements to the property prior to occupancy.