Cushman & Wakefield Negotiates Sale on Behalf of Calgary-based Investment Group
PHOENIX, Arizona – Cushman & Wakefield announced that Scottsdale-based G2 Capital purchased the warehouse/manufacturing building, located at 550 W. Southern Avenue in Tempe, Ariz., from Southern Paramount, LLC, an investment group based in Calgary, Alberta. Sale price was $7.5 million ($57.57 PSF).
Steve Lindley, Bob Buckley, and Tracy Cartledge with Cushman & Wakefield Phoenix’s capital markets group negotiated the transaction on behalf of the seller.
550 W. Southern Avenue is an industrial warehouse/manufacturing facility totaling 130,279 square feet. It is currently occupied by a manufacturing tenant who will be vacating at the end of the year.
“G2 Capital recognized the opportunity to purchase the asset while its tenancy was in transition,” said Lindley. “They plan to complete a renovation of the property while marketing to a new user.”
Situated on 9.78 acres, the property features functional configuration for industrial tenants – including over 38-foot clear height, dock-high and grade-level loading, and strong 1,600 amp electrical service.
“The property has excellent frontage on Southern Avenue and is located in Tempe’s historically strong Broadway Industrial Park,” said James Greaves, Managing Director of G2 Capital. “Tempe’s central location, with virtually no land available for future industrial development, creates strong demand from both tenants and investors for buildings like 550 W. Southern.”