Phoenix, Arizona – October 6, 2022 – CBRE has negotiated the sale of 4202 W. Washington Street, a 115,260-square-foot industrial warehouse in Phoenix to a private investor for $17.25 million ($149.66 PSF)
John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE represented the seller, James Greaves of G2 Capital, in the transaction. Geoffrey Turbow and Gary Cornish of CBRE represented a partnership of three private 1031 exchange buyers from California in the transaction.
Built in 1983, and completely renovated in 2022, the rail-served warehouse features 28’ clear height, 14 dock doors, a grade-level ramp, two rail-served doors, 6,225 square feet of steel mezzanine and 2,035 square feet of office space. Building updates include a new parking lot, paint, landscaping, fencing, roofing, AC units, roll-up doors, rail spurs and exterior metal doors.
“The property was purchased vacant, and because of CBRE’s intimate knowledge of tenants in the market, immediately following the sale transaction, a new tenant was procured for the building, which provided the buyer a stable future return,” said CBRE’s Cornish.
Situated in the Southwest Valley submarket, the property provides immediate access to Interstate 10, Interstate 17 and the Loop 202 freeway, making it accessible by 1.7 million people within a 30-minute commute. It is also a 20-minute drive of Phoenix Sky Harbor International Airport.
“With demand exceeding supply of industrial product in the Phoenix metro, the Southwest Valley showed the most leasing activity in Q2 2022,” said John Werstler. “In striving for flight to quality, the newly updated properties are especially in high demand and 4202 W. Washington Street was an example of that.”
The Southwest Valley continues to be the major driver for leasing activity in metro Phoenix with over 6.2 million sq. ft. of absorption, or 61 percent of the market’s gross leasing activity in the second quarter of 2022, according to CBRE research. The submarket has recorded over 10.9 million sq. ft. of positive net absorption year-to-date, which is double that of any other submarket in metro Phoenix year-to-date.