Flex Industrial Showroom Building in Tempe, Ariz. Sold to Private Owner-User for $3 Million - CBRE
19 Nov 2020
Phoenix – CBRE announced the sale of an industrial building in Tempe, Ariz. to a private investor for $3 million. The new owner, a radio manufacturer, plans to convert the property into a flex industrial space for their office, warehouse, showroom and manufacturing operations.
CBRE’s Geoffrey Turbow, Matt Pourcho and Anthony DeLorenzo collaborated with local brokers Jim Bayless and Jamie Swirtz and Manny Fitzgerald, Wendy Jordan and Brad Wilner in representing the undisclosed seller in the transaction. The CBRE team also represented the buyer.
Located at 2929 S. 48th Street, the 30,993 square-foot, single-story property was originally built in 1985 on a 2.29-acre corner lot. The building fronts S. 48th Street, a major thoroughfare with exposure to more than 25,000 cars per day. The property features 109 parking spaces.
The project sits one mile from I-10, a major freeway that connects Tempe to the rest of the Phoenix Metropolitan area. Phoenix Sky Harbor International Airport is four miles from the site.
“Capitalizing on a well-located building, the buyer purchased the property with plans to convert it into an industrial flex showroom,” said Turbow. “They will be consolidating their operations from three buildings into one efficiently laid-out property.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.