Within a Week of Listing, Team Receives Several Offers

A fully leased industrial asset comprising four buildings totaling 110,679 square feet recently sold in the Deer Valley submarket of Phoenix. The buyer was Mountain West, the industrial platform of Baron Properties, which purchased the property for an undisclosed purchase price.

Chris Rogers and Trevor McKendry, DAUM executive vice presidents, represented the seller, California-based private investment firm Greenwood & McKenzie and procured the buyer alongside Will Strong of Cushman & Wakefield’s national capital markets group.

“We’ve worked closely with the seller for several years, playing an instrumental role in helping to build a strategic investment portfolio of industrial properties in Deer Valley,” explains Rogers. “Based on the strength of the current industrial market and influx of institutional capital into the sector, we advised the firm to consider selling now, after seven years of ownership.”

Rogers notes that the DAUM team recognized an opportunity to collaborate with Strong in order to strategically source the best buyer and secure a strong purchase price.

“Current activity includes new tenants and developments underway like the TSMC plant, a $20 billion project that will bring a significant number of new jobs to the area,” says McKendry. “Based on this, we were well positioned to understand and communicate the true value of this asset.”

Within a week of listing the buildings, the team received several offers from entities based throughout the country including California, Colorado, New York and Illinois, McKendry notes.

 “We ultimately sold to a Los Angeles-based buyer who recognized the exceptional outlook for Deer Valley, at a price that exceeded the seller’s initial expectations,” adds Rogers.

The buildings, which are fully leased to 38 tenants total, are located at 23021, 23025, 23005, and 23015 North 15th Ave.