Phoenix, Ariz. – CBRE has completed the sale of a 104,352-suqare-foot manufacturing distribution facility in Chandler, Ariz. The building, located at 464 E. Chilton Dr. in Chandler, Ariz., sold for $6 million ($57 PSF). The building was fully occupied at time of sale.
Mike Parker and Evan Koplan with CBRE’s Phoenix office had previously negotiated the lease on behalf of the Seller, Primrose Properties Ltd. of Ohio. The Buyer was Grupo Phoenix of Aventura, Fla.
“The buyer has made relatively significant investments in the facility over the past two years and is currently in the process of increasing their equipment investment making it advantageous to purchase the property at this point in time prior to the option expiration date,” said CBRE’s Parker. “The seller is happy to finally exit the Arizona market and re-purpose the equity that was locked up in this property.”
Grupo Phoenix, which occupies the entire building, exercised its option to purchase per its lease. This location is one of two American manufacturing facilities for the South American-based company. One of the most significant packaging companies in North and South America, Grupo Phoenix manufactures and distributes products for the commercial food, packaging, food service and disposable consumer products industries.
Built in 2001, the property at 464 E. Chilton Dr. in Chandler features 13,920 square feet of office space, in addition to 90,432 square feet of air-conditioned manufacturing/distribution space. The building sits on 8.5 acres and benefits from proximity to U.S. 60 and Loop 101 Freeways.
Parker is at (602) 735-5231and Koplan can be reached at (602) 735-5232 both in CBRE’s Phoenix office.