PHOENIX, ARIZONA (November 29, 2022) Rein & Grossoehme Commercial Real Estate has just closed on two industrial properties in a portfolio purchase.
The first property is located at 444 W. Geneva, Tempe Arizona. The property is 58,000 square feet and was built in 1986. It has 6 dock high loading docks and 22-foot-high clear height. The seller was Yerf-Dog Geneva 444 LLC. The sales price was $9,350,000 ($161,20 PSF). The building was 100% occupied at closing.
The second property is located at 1775 E. University Dr, Tempe Arizona. The property is 21,136 square feet and was built in 2006. It has two large grade level loading docks and 16 foot high clear height. The seller was McClintock University Investment Partners LLC. The sales price was $3,515,000 ($166 PSF). The building was 100% occupied at closing.
Both properties sold to Cascade Range Investments LLC.
Steve Grossoehme of Rein & Grossoehme Commercial Real Estate represented the seller of both properties and Mark Rein of Rein & Grossoehme Commercial Real Estate represented the buyer of both properties.