Chrisman Lock Chiang purchased 88,774-square-feet in two-building industrial buildings at 43 N. 48th Ave. in Phoenix, AZ to owner occupy. The all-cash transaction totaled $2.5 million ($28 PSF).
Jerry McCormick and Cooper Fratt of CBRE’s Phoenix office represented the seller, Atkinson Land Holdings LLC of Mesa, AZ. The buyer, Chrisman Lock Chiang, a La Habra, Calif.-based tool and manufacturing company, was represented by John Soldo and Leroy Breinholt of Commercial Properties Incorporated in Tempe, Ariz.
“This sale is another excellent sign that manufacturing users are becoming more active in Phoenix,” said CBRE’s McCormick. “This is also another indication of those companies leaving California for locations in Arizona.”
Located in the southwest valley submarket, the industrial property sits on a four-acre lot. Comprised of two buildings (totaling 56,274-square-feet and 32,500-square-feet each), the 88,774 square-foot complex features 2,434 square feet of office space and clear heights of 18-24 feet. The property was 100% vacant at time of sale. The new owner/user is currently making improvements to the property prior to occupancy.
McCormick should be contacted at (602) 735-5265 and Fratt can be reached at (602) 735-5555. Soldo and Breinholt are at (480) 966-2301.