PHOENIX, ARIZ. – A 95,180 SF freezer/cooler/dry warehouse in which Trader Joe’s has been a long-time tenant was purchased by the popular grocery purveyor for $8.75 million; NAI Horizon represented the seller, a family trust from California.
NAI Horizon Senior Vice President Isy Sonabend and Executive Vice President Mark Wilcke represented the seller, the Smith Family Trust of Temecula, California. Trader Joe’s has been the tenant at the property, 10401 W. Van Buren St., in Tolleson, Arizona, since 2012.
Trader Joe’s exercised its purchase option and closed on the asset on Dec. 6.
“It’s been exciting to be a part the transformation of the Metro Phoenix industrial market from when we first executed the lease with Trader Joe’s until today,” Wilcke said. “The strategic and economic value of this asset made purchasing this real estate the worthy decision to make.”
Built in 1996, the refrigerated/cold storage warehouse sits on a 353,499 SF lot. It is located at SWC Van Buren Street and 104th Avenue with easy access to Loop 101 and I-10 full diamond interchanges.
It features 46,000 SF of racked freezer/cooler warehouse space, ± 40,100 SF of fully racked dry warehouse space and a ± 6,400 SF office. It includes a secured concrete truck court and a storage yard.
Rob Stephens with NGKF represented the buyer.