PHOENIX, Arizona – On behalf of Dallas-based Colony Industrial, Cushman & Wakefield announced the firm facilitated the sale of Palo Verde Industrial, a 129,047-square-foot building on 7.32 acres in Tucson, Arizona. Boston-based STAG Industrial, purchased the asset for $10.025 million ($77.68 PSF).
Executive Managing Director Will Strong led the Cushman & Wakefield Capital Markets team on the sale, with local market support in Tucson from Brandon Rodgers, CCIM, and Rob Glaser, CCIM, SIOR, with Cushman & Wakefield | PICOR.
“Colony Industrial is one of the most active real estate investors in Arizona and around the country. They did an excellent job leasing it up as well as managing and maintaining it. With the property now fully leased, Colony felt like it was the right time to sell,” said Strong.
Palo Verde Industrial is an institutional quality industrial facility in the heart of Tucson, located at 6161 South Palo Verde Road. The property features 30’ foot clear height and heavy power as well as close proximity to Interstate 10 and Interstate 19. Palo Verde Industrial is currently 100 percent leased to PODS and Big O’ Tires.
The Tucson industrial market for the third quarter of 2018 continued its strong momentum, according to Cushman & Wakefield | PICOR research. Vacancy dropped to 5.7 percent, well below the historical average of 9.5 percent. Also, building sales volume is robust with functional inventory selling quickly. Volume through the third quarter of 2018 at $105 million, well outpaced 2017’s full-year total of $67 million.
To learn more, see RED Comp #6445.