PHOENIX, ARIZONA – CBRE announced it arrange the sale of a single-tenant industrial property in the greater Phoenix area for $3.2 million ($413 PSF) to a private capital investor from Southern California in a 1031 Exchange.
Mike Parker of CBRE in Phoenix represented both the Buyer and the Seller, a Canadian investment group in the transaction.
Located at 1410 W Harvard Avenue in Gilbert, Ariz., the 7,740 square-foot building is occupied by Core & Main, which renewed its lease in early 2020. One of the nation’s largest waterworks wholesale suppliers has been a tenant at the property since its construction in 2002. The 3.3-acre site features a large paved fenced yard for storage of water, sewer, storm drain and fire protection products.
“This was a great opportunity for the buyer to recognize increased investment returns in the metro Phoenix market by utilizing proceeds from a multifamily investment sale in Southern California for the purchase of this industrial property,” said Parker.
He added, “This was a natural win-win for both parties. The buyer is transitioning capital from the sale of a Southern California multi-family investment property while for the Canadian seller it was an opportune time to reallocate the equity from this investment into constructing a new industrial project in the southeast valley of Metro Phoenix.”