Bio Huma Netics will double its footprint with the acquisition
Phoenix, Arizona – CBRE has negotiated the sale of a 40,182-square-foot, freestanding warehouse building on 3.3 acres located at 3001 South Wilson Street in Tempe, AZ. Bio Huma Netics, Inc., a global leader in humic substances, acquired the property from Tempe-based Phoenix Plastics Products for $10.5 million in a transaction that closed Thursday.
Mike Parker of CBRE represented both the buyer, Bio Huma Netics, and the seller, Phoenix Plastics Products, in the transaction.
Built in 2004, the Union Pacific rail-serviced warehouse building includes 3,000 Amps, 277/480 volt electrical service, 24’-40’ clear ceiling height and is situated in an industrial neighborhood with proximity to Sky Harbor Airport and immediate access to US60, I-17, I-10 and Loop 202 freeways.
According to a recent CBRE report, the Phoenix industrial market set a new low vacancy for the Valley in Q2 2022 at 2.8 percent and leasing activity remains extremely high with 15.8 million sf of net absorption by mid-year.
“The vacancy rate for freestanding industrial buildings in this submarket is one-half a percent and this sale is indicative of the strong demand from users looking to secure a facility in the Metro Phoenix area.” said CBRE’s Mike Parker. “Even more appealing, the property has the option to add 10,000 square feet, which can accommodate future growth and an existing UPRR rail spur for seven rail cars.”
“In 2009, our manufacturing company was in 6,000 square feet in Chandler. We acquired a new global headquarters/manufacturing facility in Gilbert with Mike Parker’s assistance in 2011 and now require more warehouse space with rail access close to our headquarters to facilitate further expansion,” said Lyndon Smith, President and CEO, Bio Huma Netics. “With a limited number of properties fitting our needs, securing this facility will be an integral part of our future growth from those humble beginnings to today with almost 100,000 square feet under roof situated on close to 10-acres in total.”