CBRE Completes $3.2 Million Single-Tenant Industrial Sale in Gilbert, Ariz. to Private Southern California Buyer
10 Nov 2020
PHOENIX – CBRE announced it arrange the sale of a single-tenant industrial property in the greater Phoenix area for $3.2 million to a private capital investor from Southern California in a 1031 Exchange.
Mike Parker of CBRE in Phoenix represented both the Buyer and the Seller, a Canadian investment group in the transaction.
Located at 1410 W Harvard Avenue in Gilbert, Ariz., the 7,740 square-foot building is occupied by Core & Main, which renewed its lease in early 2020. One of the nation’s largest waterworks wholesale suppliers has been a tenant at the property since its construction in 2002. The 3.3-acre site features a large paved fenced yard for storage of water, sewer, storm drain and fire protection products.
“This was a great opportunity for the buyer to recognize increased investment returns in the metro Phoenix market by utilizing proceeds from a multifamily investment sale in Southern California for the purchase of this industrial property,” said Parker.
He added, “This was a natural win-win for both parties. The buyer is transitioning capital from the sale of a Southern California multi-family investment property while for the Canadian seller it was an opportune time to reallocate the equity from this investment into constructing a new industrial project in the southeast valley of Metro Phoenix.”
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.