Phoenix, Arizona – CBRE announced the sale of an industrial property in Mesa, Ariz.to an affiliate of Boston-based real estate investment firm STAG Industrial, Inc. for $9.5 million ($134 PSF).
Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented STAG in the transaction. The seller, Gateway Properties of AZ, was represented by Ken McQueen and Chris McClurg of Lee & Associates.
Located at 7447 E. Ray Road, the 71,030 square-foot property was originally constructed in 2018. The single-tenant building sits on a 5.22-acre lot and features 24’ clear height, six dock-high doors and six grade-level doors. The site is adjacent to Loop 202, a major freeway that connects Mesa to the rest of the Phoenix metropolitan area.
During escrow, CBRE assisted in preleasing the property to Bass Cabinets, a cabinet manufacturing and installation company with roots in Arizona and a national presence. Bass will take occupancy this year.
“The Phoenix Mesa Gateway industrial submarket has seen extremely significant investment activity in the past year,” said Orcutt. “With the fastest-growing housing community in the greater area, we expect to see continued growth moving forward.”
Driven by strong demand for industrial space, the Greater Phoenix market recorded a net absorption totaling 13.1 million square feet and gross absorption of 23.6 million square feet in 2020. This constitutes the highest net absorption on record for the Phoenix industrial market, according to CBRE research.