CBRE has announced the $27 million sale of a 145,872-square-foot, last-mile distribution center, which is based in Tempe, to Realterm, a Maryland-based logistics real estate firm.
The property, as it stands today, is 100% occupied by FedEx, according to a press release.
Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson, and Bill Bayless with CBRE represented the seller, a local real estate investment firm.
The single-story building at 1666 N. McClintock Drive, was constructed in 2004 as a build-to-suit for FedEx, which recently signed a triple-net lease extension. It features 24-foot clear heights, 11 grade-level overhead doors and 36 dock-high doors.
The facility is accessible by a three-lane driveway along McClintock Drive. The property is a few minutes from downtown Tempe and Arizona State University, as well as near 1.3 million square feet of retail at Tempe Marketplace and 2 million square feet of retail at Fashion Square Mall in Old Town Scottsdale.
“Aggressive interest in the Phoenix market resulted in the second-highest price per square foot in Phoenix metro’s history for industrial buildings built before 2015 and larger than 100,000 square feet,” said Mr. Turbow.
“Such pricing reflects investors’ bullish attitude for growth markets like Phoenix where demand for industrial remains unabated.”
A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among America's metros. The Sun Belt market jumped five spots to No. 4 in CBRE’s 2021 Americas Investor Intentions Survey, the release states.