113,827-Square-Foot Industrial/Flex Building Sells for $9.4 Million
Phoenix, Ariz. –143 TECH – a 113,827-square-foot, industrial flex building located at 317 S. 48th St. in Phoenix was negotiated by CBRE. The property commanded a sale price of $9.4 million ($82.60 PSF).
The investment purchase, which includes the existing structure and 12 acres at the southeast corner of 48th and Madison Streets, is located in the Discovery Triangle region of metro-Phoenix. The economic-redevelopment zone is an asset-rich urban region between Phoenix, Tempe and Papago Park and has become one of Phoenix-metro’s most dynamic growth centers. Built in 1990, the property is located within a developing neighborhood comprised of a mix of old and new residential, commercial, industrial and office land uses.
The buyer, Verde Investments, Inc., is owned by Ernie Garcia, owner and chairman of the board of Phoenix-based DriveTime Automotive Group, Inc. Verde is currently reviewing all possible uses for the property, but has yet to disclose any plans for the asset.
Tom Adelson with CBRE’s Phoenix office, along with Fred Darche of Lee & Associates, represented the buyer, Phoenix-based Verde Investments, Inc. The seller, Florida-based Second Berkshire Properties, LLC, was represented by Cassidy Turley’s Mike Haenel, Andy Markham, SIOR and Will Strong.
Adelson can be reached at (602) 735-5585 and Darche is at (602) 954-3756. Haenel, Markham and Strong can be contacted at (602) 224-4468.