Lee & Associates Facilitates Warehouse Sale in AZ
- Dec 12, 2017
Parkland Center II, a 35,542-square-foot industrial warehouse, changed hands in Tempe, Ariz. Principal Matt Hobaica of Lee & Associates Arizona represented the buyer, BPG Designs. DCT Industrial, the seller, was represented by JLL. BPG acquired the asset for $3.5 million.
The property is located at 7307 S. Harl Ave., in West Tempe. Built in 1982, the warehouse sits on a 2.3-acre site. It features 103 parking spaces, grade-level loading docks and air conditioning. The building also comprises retail space facing Harl Avenue.
At the time of sale, approximately 13,640 square feet were still vacant, but have since been leased. BPG Designs occupies the rest of the building. Major thoroughfares are close by, including Interstate 10, Loop 202 and Loop 101. Phoenix Sky Harbor International Airport is about 10 miles away.
“BPG Designs currently occupies approximately 60 percent of the building, and the balance is 100 percent leased to other tenants. When the opportunity to purchase the building became an option, they pursued it. BPG is excited about the opportunity to expand into the other suites as their business continues to grow,” said Hobaica in a prepared statement.
Earlier this year, JLL arranged for the $39 million sale of a Phoenix industrial portfolio, also owned by DCT Industrial.
Image courtesy of Lee & Associates