TUCSON, Arizona – The former FedEx Distribution building at 777 E MacArthur Circle sold for $4.305 million ($37.79 PSF). The 113,920-square-foot building (build in 1985) on 5.96 acres was purchased for investment by MacArthur Investments, LLC (Robert Assenmacher, member).

Brandon Rodgers, SIOR, CCIM with Cushman & Wakefield | Picor represented the buyer and has the leasing contract for the building.

Rodgers says there is a single tenant looking to lease the building, but if not, then the buyer is prepared to divide it into smaller spaces to lease. Zoned heavy industrial, the property has 27 docks and 6 drive-in doors. Two 480V services, one with 900 amps and the other with 1,300 amps for power.   

The seller was US Bank Association that sold the property at Auction.

The property has been vacant since 2015 when FedEx Ground left to build a new 210,440-square-foot facility to accommodate the increased daily package volume and further enhance the speed and service capabilities of the FedEx Ground network. See Real Estate Daily News for full story here FedEx Ground Building 210,440 SF Logistics Center in Tucson

For more information, Rodgers should be contacted at 520.546.2714.

To learn more, see RED Comp #6735.

Cushman & Wakefield sold land and will retain leasing assignment

PHOENIX, Arizona – Eisenberg Company, a Phoenix-based development company, announced two new industrial projects delivering in the fourth quarter of 2019. The projects, Avondale 107th and Washington 83, are slated to start construction this quarter and will total a combined 533,541-square-feet.

“We are excited to bring two first class projects online to meet the core needs of the industrial market,” said Jason Eisenberg, President of Development at Eisenberg Company.

On behalf of Eisenberg Company, Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield negotiated the purchase of the land for the two developments in two separate transactions totaling approximately 33 acres. Eisenberg Company purchased 24 acres at 107th Avenue and Pierce Street in Avondale, Ariz. from El Malon Partners and 8.5 acres at the northwest corner of Washington Street and 83rd Avenue in Tolleson, Ariz. from Cohen Asset Management.

Avondale 107th will be a four building industrial development totaling 405,656-square-feet. Buildings A and B will feature 107th Avenue frontage, 28’ clear height, truckwell and grade level loading, 200’ truck maneuverability and are 81,533-square-feet each. Buildings C and D will feature 32’ clear height, dock high/grade level loading, optional fenced/gated security and are 121,295-square-fee each. All four buildings will have an office to suit, 60’ speed bays, HVAC ready and LED lighting.

Washington 83 will be a single building industrial development totaling 127,885-square-feet. The property will feature 32’ clear height, ESFR sprinklers, 35 dock high and four grade level doors, LED lighting, HVAC ready and have four points of ingress/egress. In addition, Washington 83 can be divisible into four units if necessary.

Executive Managing Director of Cushman & Wakefield, Andy Markham stated, “Consistent demand for highly functional industrial space remains very strong in the southwest valley submarket. The Eisenberg Company has designed and is executing on that demand with these two Class A projects.”

Andy Markham, Mike Haenel and Phil Haenel of the Cushman & Wakefield Phoenix office are serving as the exclusive marketing agents for both Avondale 107th and Washington 83. Nitti Construction and Butler Design Group are the design and build team for the developments.

For additional information about Avondale 107th and/or Washington 83, contact Andy Markham, Mike Haenel or Phil Haenel at 602.954.9000.

PHOENIX, Arizona – Fully occupied at close of escrow, Porto Fino Apartments recently closed for $6.699 million or $101,500 per unit. Previously operating as a motel, Porto Fino is now a fully renovated, 66 dwelling unit apartment community centrally located near Phoenix Sky Harbor International Airport and sits equidistant to downtown Phoenix and downtown Tempe. The property resides in an Opportunity Zone, which is primed for continued large scale development due to the current cost of surrounding land.

Zack Mishkin of ORION Investment Real Estate represented the Buyer and Seller in the apartment sale.

“This was a home run transaction for both Buyer and Seller,” Mishkin said. He continued, “The Seller converted and fully renovated a motel to an apartment complex, capitalized on the massive rental demand in the Gateway Corridor to garner high paying tenancy, and the result was a true 6.5% cap rate deal with substantial upside to the Buyer.  The Buyer inherited a low maintenance, high performing asset in a gentrifying growth corridor with additional rent and operational upside potential. The cherry on top is that the asset is in a valuable stretch of Opportunity Zoned land, so the Buyers should see a continued strengthening of area for many years to come.”

The Seller in this transaction was Portofino, LLC. The Buyer was Hayward Apts, LLC & Jehovah-Jireh LLC.