PHOENIX, AZ – Cushman & Wakefield, has announced that Dared 89 LLC (dba Douglas Allred Company) purchased a ±64,853-square-foot industrial building at 4039 E. Raymond Street in Phoenix for $3.6 million ($55.51 PSF). The San Diego-based full-service real estate firm announced plans to tear down the existing building and develop Allred 40, a ±90,000-square-foot, two-story office building.
Cushman & Wakefield Executive Director Jim Wilson represented Douglas Allred Company in its purchase of the property. The seller was R.E. Exchange Services, Inc. (Avalon Pacific-Santa Ana, L.P.) from Newport Beach, CA.
“Douglas Allred Company has been very successful in developing highly sought after properties in the right locations,” said Mr. Wilson. “Their ability to recognize and take advantage of the opportunity this location presented for a new office building was another example of their understanding of what users in our marketplace are looking for.”
Removal of the existing industrial building is slated to begin before year-end with occupancy on the new Allred 40 office building by June 2016. Located in the Airport submarket, Allred 40 will offer ±45,000 square foot floor plates, and 6.48/1,000 parking. Mr. Wilson has the leasing assignment for Allred 40.