PHOENIX, Arizona – DAUM Commercial Real Estate Services recently completed the sale of a portfolio comprising two industrial properties in Arizona. Both buildings are fully leased to CenturyLink, one of the largest telecommunications companies in the United States, according to Skip Corley, Jr., an Executive Vice President at DAUM who represented the seller, EPL Federal, LLC, in the transaction.
“We identified these properties as a strategic investment opportunity for our client four years ago,” explains Corley. “Based on today’s high industrial demand, they decided to sell the portfolio in order to pursue more aggressive cap rates, while bringing a strong cash-flowing offering to the market.”
Corley notes that since the properties are located in two different cities approximately 60 miles apart, he had to get potential buyers comfortable with each.
“Most investors immediately understood the long-term value of the building located within the highly in-demand Deer Valley industrial submarket of Phoenix,” says Corley. “That said, the Casa Grande market is considerably smaller. Ultimately, we were able to effectively communicate that this was a prime opportunity to own not one but two assets that are NNN-leased to a single investment grade tenant.”
Corley notes that both properties have been leased to CenturyLink for several decades. The assets include:
- An 8,100-square-foot building on 3.01 acres of land located at 21011 North 27th Avenue in Phoenix, Arizona.
- A 3,770-square-foot building on 3.64 acres of land located at 13333 West Selma Highway in Casa Grande, Arizona.
The buyer was represented in the transaction by Bob Beardsley and Todd Hamilton. The total consideration of the sale was $3.45 million.