Lee & Associates Arizona announced today that Principals Ken McQueen and Chris McClurg negotiated the $10.3 million purchase transaction of a 117,885-square-foot industrial property situated on 12.17-acres in the heart of the Phoenix Sky Harbor International submarket.
Industrial specialists McQueen and McClurg represented the buyer, HUB 317, LLC., a joint venture partnership between Colorado-based DPC Companies and Confluent Development, Denver, in the transaction. This is their first industrial acquisition in the Phoenix metropolitan market, although they have several office and retail holdings in Phoenix. The seller was Road Machinery, LLC.
DPC & Confluent will be expanding the property with 109,000 square feet of dock high warehouse space, totaling 227,491 square feet. “This renovation and expansion will offer a state-of-the-art distribution building that is ideal for an ecommerce-type user with direct access and visibility to Arizona State Route 143,” said McQueen.
Property features include a full diamond interchange, proximity to the light rail and Sky Harbor International Airport, 24-foot and 32-foot clear heights, and 290 parking stalls and freeway monument signage. The project’s estimated completion is June 2018. For more information, visit www.leearizona.com.
Rendering caption: Rendering of the 117,885-square-foot industrial property purchased by HUB 317, LLC.