PHOENIX — CBRE has negotiated the sale of an industrial warehouse in Phoenix. James Greaves of G2 Capital sold the asset to a partnership of three private 1031 exchange buyers for $17.2 million.
John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE represented the seller, while Geoffrey Turbow and Gary Cornish of CBRE represented the buyer in the transaction.
Built in 1983 and renovated in 2022, the 115,260-square-foot, rail-served warehouse features 28-foot clear heights, 14 dock doors, a grade-level ramp, two rail-served doors, 6,225 square feet of steel mezzanine and 2,035 square feet of office space. Building updates include a new parking lot, paint, landscaping, fencing, roofing, AC units, roll-up doors, rail spurs and exterior metal doors.