Whatever the mind of man can conceive and believe, it can achieve. –Napoleon Hill
Posted November 10, 2014 by AZRE
HFF announced today that it has closed the sale of Normal Junction Distribution Center, a two-building, 140,314 SF distribution center in Tempe, Ariz.
HFF marketed the property on behalf of the seller, American Realty Advisors. Industrial Property Trust purchased the center for $12.452 million free and clear of existing debt.
Normal Junction Distribution Center is a light industrial center comprised of 1715 South Holbrook Lane and 1895 South Los Feliz Drive in Tempe. The assets are located just off the Loop 101, which is the main feeder into Scottsdale, less than two miles from State Route 60, a little more than four miles to Interstate 10 and less than nine miles away from Phoenix Sky Harbor International Airport. Built in 1987, Normal Junction Distribution Center has ceiling heights of 25 feet at Holbrook and 21 feet at Los Feliz. At the time of closing, the center was 79 percent leased to four tenants, including Textron, Hot Shot Services, Propak and DM Nutraceuticals.
The HFF investment sales team was led by Ryan Martin along with Anthony J. Brent.
“Normal Junction was a unique asset, offering stable long-term cash flow from a diverse portfolio of tenants, while providing the potential for significant upside through lease up,” Martin said. “It will be a great addition to Industrial Property Trust’s rapidly growing portfolio.”
POSTED: November 10, 2014. TAGS: American Realty Advisors, Anthony J. Brent, DM Nutraceuticals, HFF, IPT,Normal Junction Distribution Center, Ryan Martin
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WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
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Walter Unger CCIM
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