The property sold at $140 per square foot, highlighting investors’ strong interest in growth markets like Phoenix
CBRE announced the sale of a 49,815 square-foot industrial facility in Phoenix to a private Los Angeles-based investor for $6.97 million.
Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat Feeney and Danny Calihan with CBRE represented the seller, Regency Technologies.
Regency Technologies, an IT asset conversion service provider, signed a new 10-year triple-net lease, reflecting the company’s continued commitment to the area.
The property, located at 1815 Deer Valley Road, sits in the heart of the “village core” of the North Valley that is anchored by many national companies. The property is close to more than 1.1 million square feet of retail, restaurant, hotel and shopping amenities at Happy Valley Towne Center and The Shops at Norterra. It is also near the Phoenix Deer Valley Airport, one of the busiest general aviation airports.
“Supported by a 10-year leaseback, which presents a long-term stable cash flow for the new owner, the property received strong investor interest,” said Turbow. “At $140 per square foot, the sale is further proof that investors’ bullish attitude for growth markets like Phoenix remains unabated.”
A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to No. 4 in CBRE’s 2021 Americas Investor Intentions Survey.