Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of 15002 N. 25th Drive, a 43,584-square-foot industrial property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office.
The asset sold for $2.45 million.
Neal Waldman, investment specialist in Marcus & Millichap’s Phoenix office and Paul Berkner (formerly of Marcus & Millichap, now with Colliers International), handled the exclusive listing to market the property on behalf of the seller, a family trust.
The buyer, a corporation, was secured and represented by Neal Waldman and Paul Berkner.
The property is located at 15002 N. 25th Drive in Phoenix. It was originally built in 1983 and once occupied by Safeway.
The current tenant is a church which will vacate in nine months at which time buyer will utilize premises for its own manufacturing and administrative use. The property sold at an approximate 4.5 percent CAP rate.