Industrial Facility Sells for $3.6 million, to be Demolished for Office Building

PHOENIX - Nov. 17, 2015 - PRLog -- A 64,856 SF manufacturing building at 4039 E. Raymond St. in Phoenix recently sold for $3,600,000 ($55.51 per SF) to make way for a 90,000 SF office building. The property sits on 6.95 acres, strategically located at the NEC of I-10 and 40th St., just south of Phoenix Sky Harbor International Airport.

Originally built in the 1970’s with 16’ clear height, the property was showing signs of functional obsolescence and will be demolished to make way for a new two-story office building developed by Allred. Delivery of the new building is expected in the summer of 2016.

Lee & Associates Principals Kurt Saulnier and Ken McQueen represented the seller, Avalon Pacific-Santa Ana LP of Newport Beach, CA. Jim Wilson of Cushman & Wakefield represented the buyer, Douglas Allred Co. of San Diego, CA.

For more information:

Kurt Saulnier, Principal

602.954.3740; ksaulnier@leearizona.com

Ken McQueen, Principal

602.474.9564; kmqueen@leearizona.com

About Us:

Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, land and investment sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state. Each of our nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.