Newmark Knight Frank (“NKF”) announces it has arranged the sale of a new 146,500-square-foot distribution and manufacturing facility in Phoenix, Arizona to a 1031-exchange investor for $16.8 million.
NKF’s Executive Managing Director Rick Sheckter and Managing Director Robert Stephens represented the private Southern California-based 1031 exchange investor.
“The Phoenix industrial market has remained strong due in part to a talented labor force, strong population and job growth,” said Stephens. “This property, in particular, is ideally located off Interstate 10 offering excellent freeway visibility and the ability to provide next-day delivery to several major cities within the Southwest region including the Inland Empire, San Diego, Tucson, El Paso, Albuquerque and Las Vegas.”
Located at 4615 W. McDowell Road, the property can accommodate up to four light manufacturing and distribution tenants. Features include a concrete truck court, 30 dock high and four grade-level loading doors, 32-foot clearance, an ESFR sprinkler system, heavy power, 2,259 square feet of office space and ample parking.
In the fourth quarter of 2020, the Phoenix industrial market saw vigorous tenant demand for industrial space, balanced with a healthy pipeline of construction both delivering to the market and currently under construction, according to Newmark Research. Net absorption measured 5.4 million square feet for the quarter, a historic high, and direct vacancy continues to remain low for the market, even with the sizeable amount of speculative developments delivering.
The seller, Caprock Partners, was represented Payson MacWilliam and Don MacWilliam of Colliers International.