July 18, 2016
CT Realty of Newport Beach, CA has entered the Phoenix commercial real estate market with a $27.3 million acquisition of an industrial facility in Tolleson. States Logistics Services Inc. sold the 417,600-square-foot distribution-warehouse facility at 670 S. 91st Ave. in a sale-leaseback transaction.
The 22-acre project was developed in 2009 as a build-to-suit for States Logistics, a third-party logistics company headquartered in Buena Vista, CA. As part of the sale agreement, States Logistics will be the sole tenant in the building through a new lease.
Cushman & Wakfield’s Gary Anderson and Mike Gilbert (Phoenix) and Kevin Turner (Irvine, CA) brokered the transaction.