Daum Commercial Real Estate Services has negotiated the $5.925 million sale of two industrial buildings located in Tempe and Phoenix.
Daum Phoenix Executive Vice President Rich Sica represented the buyer and seller in both transactions.
In the first transaction, University Realty LLC, an affiliate of the ASU Foundation purchased a 50,450-square-foot single-story industrial office building for $4.25 million at 2626 S. Hardy Drive in Tempe. The foundation plans to overhaul the property for an investment. The seller was Donald J. Bruzzone Family Trust of Phoenix.
In the second deal, Mike Pike Trust of Phoenix purchased a single-story, 18,000-square-foot industrial office facility for $1.67 million at 2715 S. Hardy Drive in Phoenix. The trust bought the building as an investment. The seller was MRL Partners Fund II LLC of Phoenix.
The Phoenix industrial market remains strong, with a vacancy rate under 10 percent, the lowest in 10 years, according to Daum’s recent market report. Absorption in the market remains strong, along with peak occupancy and increasing rents.
DAUM Commercial Real Estate Services provides a full array of services including brokerage, consulting, leasing, sales, corporate services and asset, construction, project and property management. Founded in 1904, DAUM is California’s longest standing and most experienced commercial real estate brokerage company. DAUM has 10 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network. ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network.