Denver-based DPC Companies acquired the fully occupied, 35,403-square-foot property located at 2655 E. Magnolia St for $2.825 million from Orange County-based BKM Capital Partners.
Robert Buckley and Tracy Cartledge with Cushman & Wakefield’s Phoenix office handled the transaction on behalf of the buyer and seller.
Robert Buckley, Executive Director, said, “This was a win-win situation for both sides. The Magnolia asset wasn’t consistent with BKM’s current investment strategy. They approached us to find a buyer who could accommodate their timing. We approached DPC Companies and determined that the property made for an ideal and strategic fit for their investment portfolio.”
(photo source CoStar)
Buckley noted, “The transaction was not impacted as a result of the coronavirus pandemic, with both buyer and seller remaining fully committed to the sale.”
Situated on 2.56 acres, the single-tenant industrial building was constructed in 1984. The property is well located, with frontage on Interstate 10. The Phoenix Sky Harbor International Airport is also situated immediately across the interstate from the property.