LBA Logistics sells revamped industrial property to full owner/occupantPHOENIX, Ariz., (August 1, 2024) – Cushman & Wakefield announced the firm has arranged the sale of the newly renovated and upgraded University Logistics Center, a 112,300-square-foot industrial and logistics building situated on ±9.17 acres in the heart of Tempe, Arizona. The freestanding building is located at 1345 South 52nd Street and was acquired by Setnix, an owner/occupant.
Mike Haenel, Andy Markham, SIOR and Phil Haenel with Cushman & Wakefield in Phoenix represented the seller, LBA Logistics, in the transaction. The buyer was represented by Todd Hamilton, SIOR of Citywide Commercial Real Estate.
The new and improved University Logistics Center features 3,500 SF of quality office space, new 32’ clear height through removal of the second floor, a new HVAC system, 10 new grade level loading doors, three new truck wells, a new concrete truck court, 18 new windows and storefront entry for will call, new LED lighting for the interior space and parking areas, secured parking and trailer storage, and multiple points of ingress/egress. The facility also currently boasts an abundant ±4.49/1,000 parking ratio.
“This was a unique opportunity for the buyer to acquire a vacant, high-quality industrial facility with a strategic location near Phoenix Sky Harbor International Airport and the confluence of Interstate 10 and US-60, to house its operational growth,” said Mike Haenel, Executive Vice Chair. “The property’s abundant parcel also provides future myriad options, including the potential for additional industrial development on the site.”
According to Cushman & Wakefield latest Q2 2024 Phoenix Industrial market report, the Airport submarket had a healthy vacancy of 6.2%. Meanwhile, the Phoenix Metro industrial market continues to see occupancy growth, totaling more than 8.4 MSF of net absorption at midyear across the region, the bulk of which occurred in the second quarter.