A Southern California investment group with a growing portfolio of Valley properties, recently purchased a 64,375 SF manufacturing facility at 4039 E. Raymond St. in Phoenix for $2,895,000. Price per square foot was recorded at $44.97.
The property was formerly owned by River of Life Church who lost the building to foreclosure earlier this year. The transaction was an REO sale.
The new owners, Avalon Pacific Santa Ana, an entity managed by Dunbar Real Estate Investment Management was represented by Ken McQueen, Principal and Kurt Saulnier, Associate of Lee & Associates Arizona. The seller, Goldstar Trust Co. of Canyon, Texas was represented by GPE Cos., Phoenix.
The new owners plan to completely renovate the property by undertaking a major face lift, including; renovation of the interior, painting inside and out, new landscaping, parking improvements and an enhanced glass line. The purchase marks Dunbar’s fourth office and industrial transaction in the Phoenix market over the past two years and the firm has a growing appetite for more investments in the Valley.
The highly-visible property sits on 6.95 acres at the direct NEC of Interstate 10 (Maricopa Frwy.) and 40th St. The property, built in 1970, has abundant parking for over 500 vehicles with a parking ratio of 7.58:1,000, is fully air conditioned and has abundant land for parking/ storage. The new owners are offering the building for sale or for lease with space divisible to 20,000 SF.