Marcus & Millichap has announced the sale of the headquarters for Truesdell Corp., a 17,755-square-foot industrial property at 1310 West 23rd St.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4.2 million.
“Investors are seeing incredible value in dense, infill industrial investments in the Phoenix metropolitan area, specifically Tempe,” said Blake Duncan, investment associate in Marcus & Millichap’s Phoenix office, in a prepared statement.
Commercial real estate experts report certain industrial property continues to be of interest on a national scale.
“Our process yielded unmatched investor interest to acquire this asset, which was clearly displayed through offer activity from markets around the country,” said Peter Bauman, senior vice president of investments. “Southwest industrial and office properties continue to attract a wide variety of new market entrants. Capital is aggressively coming into Arizona looking to secure quality investments.”
Duncan, Bauman and Tivon Moffit, senior vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, according to a press release.
The buyer, a private investor, was procured by Duncan, Bauman and Moffitt.
“The commercial real estate investment market is as busy as we have ever seen,” Moffit said in the release. “We continue to see significant economic growth and separate investment in the industrial and office commercial real estate sector.”
The property has direct access to Priest Road and is within close proximity to all major highways that connect the Valley.