Phoenix Industrial Asset Trades for $7M
- Oct 11, 2017
State Seal Corp. purchased an industrial distribution facility in Chandler, Az., through its subsidiary, LOC Leasing. Principal Ken McQueen of Lee & Associates Arizona represented the buyer, while Mike Parker and Evan Kaplan of CBRE represented the seller, CTC Industrial, an entity controlled by Hopewell Development. Lee & Associates recently facilitated the sale of an industrial portfolio in Phoenix, which commanded $12 million.
Located at 7001 W. Erie St., the 86,000-square-foot facility traded for $6.9 million, or $80.2 per square foot. The property occupies a 9.76-acre site near Interstate-10 and Route 202, which offer connectivity to downtown Phoenix and beyond. The building features 24-foot clear height, as well as grade and dock high loading. Currently, Axus Technologies occupies 23,000 square feet at the property, reducing the occupancy cost for the buyer.
“State Seal currently occupies four separate facilities and this acquisition will allow [it] to operate more efficiently out of one property and minimize operational costs,” said Ken McQueen, principal at Lee & Associates, in a prepared statement. State Seal Corp. will begin operating out of the building in December this year.
Image courtesy of Lee & Associates