Arizona

PHOENIX — Marcus & Millichap has brokered the $2.8 million sale of an industrial warehouse property near Phoenix Sky Harbor International Airport. Jonathan Schulman, Tivon Moffitt and Peter Bauman of Marcus & Millichap represented the seller, a California-based private investor, and procured the buyer, a Phoenix-based private investor, in the transaction. Located at 3711 E. Atlanta Ave. in Phoenix, the property features 13,400 square feet of industrial manufacturing space. Located at 3711 E. Atlanta Ave., the 13,400-square-foot building is utilized as a lens manufacturing site for the existing tenant that negotiated a new 10-year lease extension. The new owner plans to complete targeted capital improvements at the asset, which was built in 1994, to support the tenant’s long-term operations.

PEORIA, ARIZ. — Trumark Real Estate Management has acquired a multi-tenant industrial building, located at 8700 N. 91st Ave. in Peoria, from The Initial Development Co. for $20.7 million. Geoffrey Turbow of CBRE represented the buyer in the transaction. The asset was acquired as part of a 1031 exchange. Completed in 2024, the 75,549-square-foot, multi-tenant industrial property features grade-level doors to each bay, two shared loading docks and visibility and signage opportunities along Loop 101. At the time of sale, the property was fully occupied.

SURPRISE, ARIZ. — US Merchants has purchased Building One at West Summit at Surprise from developer Mohr Capital for $63.9 million. Located at 13401 W. Sweetwater Ave., the 453,960-square-foot Building One features a clear height of 36 feet, LED lighting and a 2,951-square-foot speculative office suite. The fully air conditioned asset is served by 3,000 amps of expandable power, 60-foot speed bays, a 145-foot secured concrete truck court, 101 dock doors, four grade-level doors and the ability to park 368 cars and 144 trailers. Completed in third-quarter 2024, West Summit at Surprise features two industrial buildings offering a total of 704,472 square feet, with the 250,512-square-foot Building Two located at 12600 N. Summit Way. The project is located within Summit Business Park, along the BNSF Railroad. Anthony Lydon, John Lydon and Kelly Royle of JLL represented the seller, while Joey Sugar and John Grady of CBRE represented the buyer in transaction.

PHOENIX — Belkorp has acquired an advanced manufacturing facility, located at 3809 E. Watkins St. in Phoenix, from an undisclosed seller for $44.1 million. Situated within the Sky Harbor Airport submarket, the 174,801-square-foot asset features 8,000 amps of power. AZ Pharmacy (PillPatch), a subsidiary of Amazon, with the lease backed by a corporate guarantee from Amazon.com, fully occupies the property. Will Strong, Phil Haenel, Foster Bundy, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren of Cushman & Wakefield represented the buyer and the seller in the transaction.