Lee & Associates Arizona Arranges Sales of Two Industrial Properties in Phoenix
PHOENIX — Lee & Associates Arizona has brokered the sales of two industrial assets in Phoenix for a combined total of $13.8 million.
In the first deal, TWT Real Estate Investments sold a dock-high distribution building to Layman Properties – East University Drive LLC for $8.5 million, or $63.08 per square foot. Located at 2020 E. University Drive, the facility features 134,375 square feet of space and is occupied by Arizona Wholesale Supply and Iron Mountain. Arizona Wholesale Supply built the facility in 1967 for itself with the opportunity to lease a portion out for income. Andrew Ogan of Lee & Associates Arizona represented the buyer and seller. Wells Fargo Real Estate Capital Markets provided $3 million in financing.
In the second transaction, Layman Properties LLC acquired a three-building office and industrial project from One Deer Valley JV LLC for $5.3 million, or $109.85 per square foot. Located at One W. Deer Valley Road, the asset includes a 21,181-square-foot office building and two 13,261-square-foot industrial buildings. At the time of sale, the property was 100 percent leased. Ogan represented the buyer, while Matt Hobaica, also of Lee & Associates Arizona, represented the seller.