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South Phoenix industrial building sells for $38.75 million

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Posted at 4:23 PM, Dec 29, 2019
and last updated 2019-12-29 18:23:37-05

A 393,000-square-foot industrial building near Seventh Street and Broadway Road was purchased by a fund sponsored by CBRE Global Investors in one of the top 10 industrial sales of the year.

CBRE Global Investors bought the complex in south Phoenix from the Teacher’s Retirement System of the state of Illinois for $38.75 million, according to real estate database Vizzda. The building was constructed in 2016 and is 50% leased to two tenants with 190,000 square feet available for lease.

According to an announcement from CBRE Global Investors, the acquisition is part of a larger strategy to buy and lease buildings in key U.S. industrial markets.

The property, at 3333 S. Seventh St., is well-located among the Valley's freeways and Phoenix Sky Harbor International Airport, said Gardner Ellner, senior director of commercial acquistions for CBRE Global Investors, in a statement.

Read more from the Phoenix Business Journal.