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Sierra Ridge Pays $31M for Phoenix Warehouse
Newmark arranged the $31 million sale of 3137 East Elwood Street, a 123,032-square-foot industrial building situated on approximately 9.8 acres in Phoenix’s Southbank Business Park, to Sierra Ridge Capital. A local investor was the seller.
The property was fully leased to three tenants at closing. Auto House is one of the tenants.
Newmark’s Gary Cornish and Nico Burgarello, in collaboration with Barry Gabel, CJ Osbrink and Chris Marchildon, led the assignment on behalf of Sierra Ridge Capital.
The transaction marks the culmination of a full-cycle assignment for the Newmark team, which originally sold the property to the current seller in 2024. During the approximately two-year hold period, ownership completed a significant office-to-industrial conversion and capital improvement program, transforming the asset into a highly functional industrial facility. Newmark subsequently leased the building to full occupancy before facilitating its sale on behalf of the same client.
Built in 1995 and renovated in 2026,.
- ◦Sale/Acquisition
