Exeter Property Group Buys Phoenix Industrial Asset
- Jun 17, 2019
David Turner International LLC has sold a 123,754-square-foot industrial building in the Southwest Valley submarket of Phoenix. Exeter Property Group acquired the asset for $8.2 million. DAUM Commercial Real Estate Services, through Vice President Trevor McKendry and First Vice President Chris Rogers, represented both buyer and seller in the off-market deal.
The sale is part of a portfolio transaction that also includes a 806,322-square-foot distribution center in San Bernardino, Calif. According to Yardi Matrix data, the transaction was subject to a $90.7 million acquisition loan held by Massachusetts Mutual Life Insurance Co.
Located at 4502 W. Monterosa St. in an Opportunity Zone, the property is close to State Route 60, Interstate 10 and Interstate 17, while Phoenix Sky Harbor International Airport is within a 16-minute drive.
Built in 2000 on a fully paved 7.2-acre site, the warehouse features air-conditioning, refrigerated storage, six dock-high and two grade-level loading doors, 24-foot clear height and 244 parking spaces. The property is currently fully leased to a food processing and manufacturing company.