Strong fundamentals drive continued business and investment activity
PHOENIX and TEMPE, Arizona – DAUM Commercial Real Estate Services recently completed three acquisitions of industrial properties totaling nearly 60,000 square feet in the greater Phoenix, Arizona market.
Trevor McKendry and Chris Rogers, both Executive Vice Presidents based out of DAUM’s Phoenix office, represented the buyers in all three transactions.
“While we are navigating uncertain times, our top priority remains to act as strategic advisers for our clients, whether it means moving forward to close transactions as planned or reevaluating situations,” says McKendry. “The greater Phoenix market was well-positioned to weather the impacts of the pandemic based on strong growth fundamentals, and we are continuing to see business and investment activity throughout the region, as indicated by these three acquisitions. Further, with over 2.6 million square feet of industrial space delivered in Q1 and more in the pipeline, we anticipate the significant future growth of this market.”
The three recent acquisitions include:
DAUM Helps Honey Manufacturer Expand with Tempe Acquisition
DAUM’s Trevor McKendry and Chris Rogers directed the acquisition of an 18,000-square-foot industrial building in Tempe, Arizona on behalf of the buyer, a family-owned raw honey manufacturer.
“Crockett’s Honey, which operates 6,500 beehives along the Colorado River in Parker, Arizona, was seeking to expand their bottling and distribution capabilities in the Phoenix area,” says Rogers. “Based on our market knowledge and relationships, we were able to identify a well-positioned asset in the emerging Tempe submarket. This location offers our Client unmatched access throughout the region, with close proximity to their current location and several local highways, all at an attractive price point.”
The property sits on 1.15 acres and is located at 1060 W. Alameda Drive in Tempe, Arizona.
DAUM Helps Investor Acquire Fully Leased Business Park in Phoenix
Chris Rogers and Trevor McKendry represented the buyer in the acquisition of a business park comprised of three industrial buildings, totaling over 25,870-square-feet, in Phoenix, Arizona.
“Our Client, a private investor based in California, acquired this property as part of a 1031 Exchange,” notes Rogers. “We worked quickly to bring them the opportunity to purchase an industrial business park that is fully leased to a single construction supply tenant, offering immediate cash flow. Further, due to its location in the land-constrained Central Phoenix-Sky Harbor submarket and major street frontage, this asset is a strong addition to the Client’s portfolio for the long term.”
The buildings feature a total of five grade level doors, a fenced lot, and convenient access to multiple modes of transportation including the Phoenix Sky Harbor International Airport and the UP-PHOENIX-AZ railroad.
The business park, located at 3615-3635 S. 16th Street in Phoenix, Arizona, was purchased for a total consideration of $2 million. The seller was represented by DAUM Executive Vice President Carl Johnson, who is also based out of the firm’s Phoenix office.
DAUM Directs Value-Add Industrial Acquisition in Phoenix
DAUM Commercial also facilitated the acquisition of a 16,056-square-foot manufacturing building in Phoenix, Arizona, on behalf of the buyer, a private investor. The buyer plans to implement value-add exterior upgrades to the recently vacated property, including new paint, roof, and asphalt.
In addition to directing the acquisition, Chris Rogers and Trevor McKendry are the exclusive listing agents for the property, which has both office and warehouse space.
“Due to the building’s prime location with direct access to Interstate 17, State Route 51 and Loop 101, modern warehouse features, and our Client’s strategic upgrades, it is already generating interest from a range of credit tenants,” explains McKendry. “Further, the asset can be easily divisible to accommodate multiple tenants, offering flexibility and a wider pool of potential occupants.”
The property features a showroom, evaporative cooled warehouse, skylights, 12-foot by 14-foot overhead doors, a fire sprinkler system, and concrete pads for loading. The building is also situated on 1.15 acres of industrial-zoned land, providing future development opportunities down the line, notes McKendry.
The property was purchased for $2.225 million and is located at 2840 E. Mohawk Lane in Phoenix, Arizona.