PHOENIX - GPE Commercial Advisors, secured the sale of a 64,375-square-foot Phoenix industrial building on 6.95 acres at 4039 East Raymond Street in Phoenix. The property sold for $2.9 million ($45 PSF) to Avalon Pacific-Santa Ana, L.P in an REO sale.
Built in 1974, the property was most recently occupied by River of Life Church. The highly-visible property sits on 6.95 acres at the northeast corner of Interstate 10 (Maricopa Fwy.) and 40th Street. It has abundant parking for over 500 vehicles and a parking ratio of 7.58:1,000. It is fully air conditioned with excess land for additional storage or parking.
The new owner purchased the property for investment purposes and intends to reposition it for lease up. The new owners, Avalon Pacific Santa Ana LP, an entity managed by Dunbar Real Estate Investment Management. The investor plans to completely renovate the property by undertaking a major face lift, including: renovation of the interior, painting inside and out, new landscaping, parking improvements and an enhanced glass line. The investors are offering the building for sale or for lease with space divisible to 20,000-square-feet.
The purchase marks Dunbar's fourth office and industrial transaction in the Phoenix market over the past two years and the firm has a growing appetite for more investments in the Valley.
Bret Isbell, Senior Vice President of GPE Commercial Advisors represented the seller, Goldstar Trust Company. Ken McQueen, Principal and Kurt Saulnier, Associate of Lee & Associates represented the buyer, Avalon Pacific-Santa Ana, L.P..
Isbell can be reached at (480) 994-8155. McQueen can be contacted at (602) 474-9564 and Saulnier is at (602) 954-3740.