A four-building industrial complex 95% leased in the Deer Valley community sold for $22.4 million.

The property is leased to 34 tenants, collectively representing a range of industries including several directly related to the semiconductor industry, according to a press release from Cushman & Wakefield, which advised the sale.

The multi-tenant light industrial complex totals 110,679 square feet on 5.7 acres located at 23005, 23015, 23021, and 23025 N. 15th Ave., in Phoenix.

The property was acquired by Boston-based Albany Road Real Estate Partners.

Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, and Molly Hunt, of the firm’s National Industrial Advisory Group–Mountain West represented the seller, Baron Properties, in the transaction.

Daum Commercial’s Trevor McKendry, Chris Rogers and Dan Casey provided leasing advisory.

“The complex’s location in the Deer Valley submarket, where industrial demand has seen great growth driven by the expanding semiconductor and advanced manufacturing industries, enhances its profile as a long-term investment,” Hunt stated.

According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was 4.4% in Q2 2023 combined with 7.1 million square feet of occupancy growth through the first half of 2023.

Vacancy in the Northeast Valley industrial market, where the asset is located, was just 1.9% at midyear 2023.