A Phoenix-based company bought a 113,827-square-foot industrial warehouse facility at 317 S. 48th St. in Phoenix for $9,200,000 or $80.82 per square foot. The transaction closed on Aug. 22.
Lee & Associates Principal Ken McQueen represented the buyer, Road Machinery, LLC. The seller was Verde Investments, Inc. of Phoenix.
The building, which sits on just over 12 acres, was built as a Costco retail warehouse store in 1990. It features 24-foot clear height ceilings, six 8-foot x 12-foot exterior loading docks and abundant parking. It also enjoys excellent freeway exposure from the Hohokam Expressway and proximity to the Red Mountain Freeway and Phoenix Sky Harbor International Airport.
Road Machinery sells and services construction and mining
heavy equipment and has been in the Valley since 1955. It will be consolidating its operations from three other Valley locations into the new headquarters. The Phoenix-based company has other locations throughout California, New Mexico, Texas and Mexico.