Cushman & Wakefield announced the firm has brokered the off-market sale of a freestanding industrial building situated within the Riverview Business Park in Phoenix, Arizona. The property consists of a 14,000-square-foot building on a 6.14-acre parcel that is 100% leased to a leading manufacturer of wheelchair accessible vehicles.
The property was acquired by Top 10 Partners based in the Los Angeles area for $6.9 million. The seller was locally based Harrison Properties out of Phoenix.
Cushman & Wakefield’s Robert Buckley and Tracy Cartledge of the firm’s Phoenix office represented both parties in the transaction.
Robert Buckley, Executive Director, said, “This was an attractive investment opportunity of a recently developed single-tenant asset on a large piece of land in a desirable location. Fully leased to a strong tenant with a long-term lease in place, provides the Buyer with a stable improving income by virtue of scheduled rental escalations.”
The property is located at 2625 S 12th St and was developed in 2018. It is strategically positioned between 7th and 16th streets along Riverview Dr which provides convenient access to the Interstate 17 and I-10 in one of the strongest growth markets in the valley.