CBRE completed the sale of an off-market industrial property located at 4707 E. Baseline Road in Phoenix. The property sold for $14 million.
Mike Parker and Evan Koplan with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, Dallas-based Dalfen America Corp. The buyer was Denver-based Industrial Property Trust.
“This institutional buyer aggressively pursued the opportunity to secure a rare trophy asset that provided them with a functional, fundamentally sound property.” Parker said. “The building, which offers arterial street presence, is further complimented by a strong credit tenant under a new long term lease making this a strong addition to their growing Phoenix portfolio.”
“(CBRE) is seeing significant demand from private and institutional investors for industrial investment opportunities, particularly for distribution facilities,” Koplan said. “Overall fundamentals for the Valley’s industrial sector remain very healthy – leasing activity is up, vacancy is down to just over 10 percent. 2016 will be another year of steady growth for the industrial market.”
Built in 1996 and recently renovated, the 128,300 square-foot, single-tenant industrial property is fully leased to Independent Electric Supply Co. The California-based company is a subsidiary of Sonepar USA and operates in 16 electrical supply branches throughout California and Arizona. Independent Supply Co. employs more than 450 people and manages over one million square feet of warehouse space across the markets in which it operates.