MDC Realty Advisors Picks Up Phoenix Asset in Sale-Leaseback Deal

MDC Realty Advisors has purchased a 114,907-square-foot industrial asset within Phoenix’s Sky Harbor submarket, for $24.3 million. Tenant American Refrigerator Supplies Inc. sold the property and signed a leaseback agreement.

The one-story facility is at 2632 E. Chambers St. Built in 1996, it features 28-foot clear heights, HVAC climate control systems, six grade-level loading doors, dock levelers and bumpers, a 30,500-square-foot office component and 132 vehicle parking spots.

The 7-acre asset is near Interstate 10 and Arizona State Route 143. It is also 4 miles from Phoenix Sky Harbor International Airport, 16 miles from Glendale, Ariz., 19 miles from Chandler, Ariz. and within 31 miles of Phoenix-Mesa Gateway Airport. The ports of Los Angeles and Long Beach are within a 6-hour drive.

Cushman & Wakefield Vice Chairman Phil Haenel, Executive Vice Chairman Will Strong, Senior Associate Foster Bundy and Associate Katie Rapine negotiated the transaction on behalf of both parties.

Industrial sales placing Phoenix among top metros

According to a recent CommercialEdge report, Phoenix recorded $161 million in industrial sales in January, at an average sale price of $152 per square foot. The metro was outpaced by Denver ($210 million) and the Bay Area ($229 million).

Recent industrial investments included G.W. Williams Co.’s $38 million acquisition of Koll Cotton Center, a flex industrial campus totaling 228,605 square feet. United of Omaha Life Insurance Co. provided acquisition financing in the form of a $17.5 million, 5-year loan.

ViaWest Group paid $71.1 million in Gilbert, Ariz., acquiring a 428,427-square-foot, six-building portfolio. Clarion Partners sold the 98-percent-leased portfolio.