Phoenix Newspapers North Phoenix Distribution Building Sells for $4.5M

PHOENIX - Nov. 1, 2016 - PRLog -- A 35,328 SF distribution facility at 18808 N. 32nd St., Phoenix has sold to a Tustin, CA-based firm for $4,500,000 or $127.37 per SF. Phoenix Newspapers Inc., parent company to The Arizona Republic, occupies the facility.

Lee & Associates principal, Matt Hobaica, represented the buyer, Greenwood & McKenzie Real Estate Investments. The owner, E & H Smith & Evelyn Smith, L.P., were represented by Barry Gabel and Chris Marcildon of CBRE. Last year, both firms worked on the investment sale of another Phoenix Newspapers distribution building at 7444 E. Hampton Ave., Mesa, that sold for $3,600,000.

"Since Greenwood & McKenzie had already purchased the Phoenix Newspapers facility in Mesa, it was logical to acquire their Northeast Phoenix distribution location as another quality and versatile asset," Hobaica said.

Built in 2001, the project sits on 4.49 acres and was a built-to-suit for The Arizona Republic. The building features 1 drive-in door, 3 truck wells and approximately 2,000 SF of office space. It is located in Northeast Phoenix and is close to the SR 51 (Piestewa Frwy.) and the Loop 101 (Agua Fria Frwy.).

For more information:

MATT HOBAICA, SIOR
PRINCIPAL
602.954.3755
mhobaica@leearizona.com

www.lee-associates.com

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Now in its 25th year, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, investment, multifamily, and land 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 57 North American offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.