Phoenix, AZ (August 2, 2024) — Newmark announces it has arranged the sale of 3137 East Elwood Street, a single-story, 123,032-square-foot industrial/flex building in Phoenix, Arizona.
Newmark Executive Managing Directors Barry Gabel, Chris Marchildon, CJ Osbrink, and Director Gary Cornish represented the undisclosed seller, a global investment advisor.
"The conclusion of an extensive bidding process, which attracted over 20 tours and yielded over 10 offers, resulted in the purchase of the property by a local investor and business owner,” said Cornish. “The new owner plans to utilize the remaining vacancy, approximately 37,000 square feet, for one of its enterprises.”
Located in the core of Metro Phoenix within the dynamic Southbank Business Park, the property sits on a large ±10-acre lot with flex/industrial features, including A-2 (heavy) industrial zoning, ±20’ clear height, 100% HVAC, heavy power, and the ability to significantly expand existing dock and grade-level loading capabilities.
“This transaction underscores the ongoing demand for conversions from office to flex/industrial spaces, a trend our team continues to monitor and capitalize on,” Cornish concluded.