Industrial Outdoor Ventures (IOV), the first national real estate investment company focused exclusively on the acquisition, development and re-development of Industrial Service Facilities (ISF), has recently acquired the vacant industrial property located at 2600 W. McDowell Ave. in Phoenix, AZ. The seller was D. Thompson Properties, LLC. Sale price was not disclosed.
Zoned A-1, the facility consists of 42,297 square feet and features eight drive through repair bays, ten drive-in repair bays, 5,000 square feet of office, a 10,000-square-foot parts storage/warehouse area and a 9.5-acre fully paved and fenced storage yard.
IOV will immediately begin a full modernization project at the property. IOV plans include upgrade all building systems in order to restore the building’s functionality while also replacing the old façade with a more contemporary skin. Improvements will include various roof repairs and a partial roof replacement, new landscaping and mechanicals, renovated office space and new interior and exterior lighting.
“The property has a large paved yard and is zoned for outdoor storage which we anticipate will be the main draw for prospective users in the truck service, equipment rental or contractor/material businesses,” said IOV CEO Tom Barbera.
2600 W. McDowell Ave. offers exceptional connectivity with its strategic location less than a mile from the Interstates 17 and 10 and U.S. Highway 60. It’s 3.7 miles from downtown Phoenix, six miles to the BNSF intermodal facility and less than five miles from Phoenix Sky Harbor International Airport.
The property is currently available for lease.
In spite of the pandemic, IOV remains one of the most active buyers of real estate in the U.S. The firm seeks to acquire $250 million in assets over the next 12 to 24 months – with a five-year plan to amass more than $1 billion in product type. Its portfolio currently spans the U.S. with properties in major markets such as Atlanta, Denver, Dallas, Chicago and Southern California among others.
2600 McDowell Ave. is the second Phoenix area property in the IOV portfolio. The firm closed on a heavy industrial facility plus storage yard located at 4800 W. Pasadena Ave. in Glendale, AZ, earlier this year.