Last-Mile Distribution Center Fetches High PSF Price
Investors are bullish on growth markets and a last-mile distribution center in Tempe is proof of that. The 145,872-square-foot facility recently sold to Realterm, a Maryland-based logistics real estate firm, for $27 million. The property is 100 percent occupied by FedEx.
The single-story building located at 1666 N. McClintock Dr. 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.
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.
“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 Turbow. “Such pricing reflects investors’ bullish attitude for growth markets like Phoenix where demand for industrial remains unabated. National tenant net-lease assets with strong property-level fundamentals continue to perform well and have proven to be resilient during times of macro-economic uncertainty.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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