June 4, 2020
A 10-building portfolio of Phoenix properties located in the city’s original industrial core sold for $18 million or $50-per-square-foot. The Class B and C properties were 96% leased at the time of sale, demonstrating the marketability of older industrial properties in Greater Phoenix.
Phoenix-based Harrison Properties purchased the portfolio from Hibernia Capital Advisors, LLC, a private real estate investment company. Colliers International’s Don MacWilliam and Payson MacWilliam negotiated the transaction.
Don MacWilliam says “This portfolio had been under contract with another buyer at the time COVID-19 hit the United States. That buyer stepped out of the deal and Harrison Properties was quick to pick up this opportunity.”
The portfolio totals roughly 357,921 square feet of industrial space and is located at the confluence of Interstate 10 and Interstate 17. The properties range in size from about 17,000 to 77,000 square feet, each featuring a multi-tenant design.
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