Tempe Industrial Warehouse Trades For $3.1 Million In 1031 Exchange

A 31,200 SF, multi-tenant industrial warehouse at 444 W. 21st St.,
Tempe, sold for $3,080,000 ($98.72 per SF). At the time of sale, the property was
100 percent occupied with three tenants.

Lee & Associates Principal Nate Bubeck facilitated the transaction between the
buyer, James & Susan Morris Trust, Long Beach, CA, as part of a 1031 Exchange and
the seller, VJ Properties, Inc., Scottsdale. Bob Kling, Principal with Lee & Associates
also represented VJ Properties in the transaction. The property sold for $1.57 million
in July 2014.
Built in 1985, the building features 16’ clear height, heavy power, 6 drive-in doors,
1 exterior dock and 1 truckwell. The property, situated on 2.10 acres in the Broadway
Industrial Park, is close to Arizona State University and in proximity to the I-10 Freeway
and Phoenix Sky Harbor International Airport.

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