Tempe Warehouse Changes Ownership After 40 Years
- Nov 11, 2019
Dixxon Flannel Co. acquired a 48,000-square-foot industrial and retail property in Tempe, Ariz., for $4.5 million. The previous owner decided to close the furniture business that had been operating in the space for the last four decades. DAUM Commercial Real Estate Services represented the seller in the transaction.
The buyer, a local clothing company, is expanding and moving from its current location at 216 S. Clark Drive. The new owner obtained a $2.5 million loan from Source Capital Funding Inc. for the acquisition, according to the Maricopa County Recorder.
Showroom, offices included
The two-story warehouse, located at 7200 S. Priest Drive, was built in 1995 and sits on 2.6 acres of land. The first floor is comprised of four offices, a showroom, a kitchen, two bathrooms and a shower. On the second floor it has six offices, a conference room and the storage area. The property features 24-foot clear height, four dock-high loading doors and a full sprinkler system. Situated just one mile from Interstate 10, the property is also close to other major thoroughfares.
Ryan Reisman, associate at DAUM’s Phoenix office, together with Executive Vice Presidents Chris Rogers, Trevor McKendry and Steve McKendry were part of the team involved in the sale.
According to a recent report by DAUM, the Phoenix industrial market is experiencing increased sales activity, with total volume in the third quarter reaching approximately $640 million. Per-square-foot price has also increased by 11.6 percent to a historic high, according to the same research.