Phoenix, Ariz. – Lee & Associates Arizona Principal Andrew Ogan recently brokered two separate transactions, totaling 183,078-sqaure-feet, for a combined sale price of $13,826,481.
One West Deer Valley Road, Phoenix:
Layman Properties LLC (Eric Webb, Manager), a California limited liability company, purchased a 48,703-square-foot, three (3) building multi-tenant office and industrial project from One Deer Valley VJ LLC (Vance Marshall, Manager), an Arizona limited liability company. Ogan represented Layman Properties while Lee & Associates Arizona Principal Matt Hobaica represented the seller.
Purchased for $5,350,000 ($109.85 per square foot), the property includes a 21,181-square-foot office building and two (2) 13,261-square-foot industrial buildings. The property is currently 100% leased, but Lee & Associates Arizona Principal Scott Smith, who also assisted the buyer, will handle the leasing on the industrial buildings moving forward. Lee & Associates Arizona Principal Adam Tolson will handle the office building leasing.
“After disposing of an industrial asset in La Palma, Calif., Layman scoured the southwestern US for a replacement property. They ultimately elected to invest in Phoenix due to the strong creditworthiness of the tenants, favorable cap rate arbitrage and sound market fundamentals poised for sustained growth and capital appreciation,” stated Ogan.
2020 East University Drive, Phoenix:
TWT Real Estate Investments LLC (Terry Thomas, Manager), an Arizona limited liability company, sold a 134,375 SF dock-high distribution building to Layman Properties – East University Drive LLC (Eric Webb, Manager), a Delaware limited liability company, for $8,476,481 ($63.08 per SF). Ogan represented the buyer and the seller. Wells Fargo Real Estate Capital Markets provided $3,000,000 in financing.
Located at 2020 East University Drive in Phoenix, the property already has two tenants on the 6.20 acres. Iron Mountain leases 51,974 square feet and Arizona Wholesale Supply Company leases 82,401 square feet. Arizona Wholesale Supply built the building in 1967 for themselves with the opportunity to lease a portion out for income. Started in 1944 by the Thomas family, Arizona Wholesale Supply sold the company in Q4 2017 and recently sold the property.
For information on industrial leasing, contact Scott Smith at ssmith@leearizona.com or 602-954-3768. For information on the office building leasing, contact Adam Tolson at atolson@leearizona.com or 602-954-3771.