Phoenix, Arizona – CBRE announced the sale of an industrial building in Tempe, Ariz. to a private investor for $3 million. The new owner, a radio manufacturer, plans to convert the property into a flex industrial space for their office, warehouse, showroom and manufacturing operations.
CBRE’s Geoffrey Turbow, Matt Pourcho and Anthony DeLorenzo collaborated with local brokers Jim Bayless and Jamie Swirtz and Manny Fitzgerald, Wendy Jordan and Brad Wilner in representing the undisclosed seller in the transaction. The CBRE team also represented the buyer.
Located at 2929 S. 48th Street, the 30,993 square-foot, single-story property was originally built in 1985 on a 2.29-acre corner lot. The building fronts S. 48th Street, a major
thoroughfare with exposure to more than 25,000 cars per day. The property features 109 parking spaces.
The project sits one mile from I-10, a major freeway that connects Tempe to the rest of the Phoenix Metropolitan area. Phoenix Sky Harbor International Airport is four miles from the site. “Capitalizing on a well-located building, the buyer purchased the property with plans to convert it into an industrial flex showroom,” said Turbow. “They will be consolidating their operations from three buildings into one efficiently laid-out property.”