Cresa Negotiates $10.6 Million Sale on Behalf of Pac Holdings II, LLC
PHOENIX, ARIZ. Dec. 4, 2018 – Cresa announced that Phoenix-based Dial Manufacturing, Inc. purchased Papago Industrial Park. Phoenix-based Pac Holdings II, LLC, an entity formed by ITC Manufacturing, sold the 192,158-square-foot (SF) industrial property, located at 430 N. 47th Avenue in Phoenix, for $10.625 million.
Ted Liles, Chad Neppl and Ryan Burkett of Cresa’s Phoenix office negotiated the transaction on behalf of the seller. Blake Hardison and Clint Hardison of Keyser represented the buyer.
Papago Industrial Park is located on an 8.19-acre site in the southwest Phoenix industrial submarket. The single-tenant 192,158 SF property, built in 1982, is composed of a 23,684 SF covered truck area, a 23,500 SF mezzanine, an 11,200 SF office and a 158,274 SF evaporated cooled warehouse. The warehouse features 14 shipping doors and five rail doors.
“The market remains strong with owner occupiers seeking functional manufacturing and distribution facilities, in fact, many of our inquiries came from companies out of state looking to relocate their business to Phoenix,” said Liles.
Cresa is the world’s largest occupier-only commercial real estate firm. In representing occupiers exclusively – no landlords or developers – Cresa provides unbiased, conflict-free advice. Its integrated services cover every aspect of a real estate assignment, including strategic planning, employee demographics, workplace strategy, site selection, incentives negotiation, market research, transaction management, project financing, project management, portfolio management, and relocation services. Cresa offers clients customized solutions worldwide through more than 60 global offices. For more information, visit:www.cresa.com.