The Voit Company acquired the multi-tenant property from Abington Emerson for $10.09 million. The building is 100% leased to Progressive Insurance and Phoenix Logistics.
Phil Haenel, Director and Will Strong, Executive Managing Director, with Cushman & Wakefield’s Phoenix office represented both buyer and seller in the transaction.
“This best-in-class asset is timeless and functional real estate and makes an outstanding addition to Voit Company’s investment portfolio,” stated Phil Haenel. “We’re thankful for the partnership with Abington Emerson and excited to assist the Voit Company in building their portfolio in the Arizona submarket.”
Located at 1405 North Fiesta Boulevard and situated on 5.20 acres in the epicenter of the prestigious Southeast (SE) Valley submarket in metro Phoenix, the strategically placed facility provides easy access anywhere in the metro area via its expansive freeway network, including the new Loop 202 South Mountain Valley Freeway, along with proximity to California—and its southern ports, Nevada, Utah, Colorado and New Mexico.
According to Cushman & Wakefield research, industrial market fundamentals remain solid in the Metro Phoenix area, fueled by robust demand and leasing activity. Overall vacancy for industrial product stood at 6.8% at year-end 2019, a decline of 60 basis points from year-end 2018. More telling is that vacancy saw this noticeable annual decrease despite undergoing the highest inventory growth in a decade.