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Phoenix & Southwest  + New Mexico  + Industrial  | 

Phoenix Continues to Rate High on Lender Scale

A recent sale is another example of the lender appetite for quality sponsorship and the solid fundamentals of the Phoenix industrial market. A Tolleson industrial property, 91st Avenue Distribution Center, recently sold to Nearon Enterprises LLC for $35 million. The buyer was undisclosed.

Located at 670 S. 91st Ave., the 417,600-square-foot property was originally constructed in 2009 on a 21.83-acre lot. The freestanding class-A warehouse and distribution building features 32-foot clear height as well as both dock-high and grade-level roll-up doors. 91st Avenue Distribution Center was leased at the time of sale to Gladiator Worldwide Logistics.

The property sits in a strategic last-mile location, providing immediate access to I-10 and Loop 202 freeways. 91st Avenue Logistics Hub is approximately 11 miles west of downtown Phoenix.

Darla Longo, Rebecca Perlmutter, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Danny Calihan, Pat Feeney and Rusty Kennedy of CBRE represented the sellers, CT Realty and Artemis Real Estate Partners. Bruce Francis, Shaun Moothart, Bob Ybarra, Dana Summers, Doug Birrell and Jennifer Ansari of CBRE’s debt and structured finance team arranged the $19.35 million acquisition loan on behalf of the buyer.

“Although the asset was partially leased at the time of acquisition, pricing and terms were in line with where this would execute if stabilized,” said Moothart.

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About Lisa Brown

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.

  • ◦Acquisition
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