Wang Electric to fully occupy airport submarket building under a 10-year lease
Phoenix, Ariz. – (Nov. 26 , 2024) – Full-service real estate brokerage firm Citywide Commercial today announced the completion of a $6.1 million industrial sale-leaseback at 4107 E. Winslow Ave., in the heart of the Phoenix Sky Harbor International Airport submarket.
Sitting on 1.89 acres near 40th Street and University Drive in Phoenix, the property includes 20,401 square feet of office and warehouse space, and almost one acre of dedicated yard zoned for outdoor storage.
Nick DePaul, Chad Kirkorsky, and Preston Brimhall of Citywide Commercial represented the property buyer, Wilson Terra Firma Holdings North America, Inc.
Max Schumacher, Patrick Sheehan, and Jack Hansen of Rein & Grossoehme represented the building tenant and seller, Wang Electric, which provides comprehensive commercial and residential electrical contracting services across metro Phoenix.
Upon close of escrow, Wang Electric executed a NNN, 10-year sale-leaseback of the building.
“The new 4107 owner will enjoy immediate tenancy and cash flow from a company that has been in business for four decades and occupied this building for 23 years,” said DePaul. “They also gain the long-term benefits of an incredible infill location and the notable industrial outdoor storage capabilities of this property. Having this kind of yard space so close to Sky Harbor Airport is a great advantage to both current and future users.”
With submarket vacancy rates at 2.2%, the Sky Harbor Airport submarket is a high barrier to entry metro Phoenix infill location. The 4107 building sits in the heart of this area, minutes from the airport and Interstate 10. Additional building features include multi-tenant functionality with eight grade-level doors, a fully paved yard and upgraded features completed in 2020 during a comprehensive renovation.
