Industrial Facility Sells for $3.6 million, to be Demolished for Office Building

A 64,856-SF manufacturing building at 4039 E.
Raymond St. in Phoenix recently sold for $3,600,000 ($55.51 per SF)
to make way for a 90,000 SF office building. The property sits on 6.95
acres, strategically located at the NEC of I-10 and 40th St., just south of
Phoenix Sky Harbor International Airport.

Originally built in the 1970’s with 16’ clear height, the property
was showing signs of functional obsolescence and will be demolished
to make way for a new two-story office building developed by Allred.
Delivery of the new building is expected in the summer of 2016.
Lee & Associates Principals Kurt Saulnier and Ken McQueen
represented the seller, Avalon Pacifi c-Santa Ana LP of Newport Beach,
Calif. Jim Wilson of Cushman & Wakefield represented the buyer, Douglas
Allred Co. of San Diego, Calf.

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