Monday, June 16, 2014

Vacant West Phoenix Distribution Center Sold for $27.97m

By: Paul Dionne |

Steve Layton of LBA Realty and Doug Barkdull of Buzz Oates Enterprises closed the sale of a nearly 700k ft2 vacant distribution center near 75th Avenue and Lower Buckeye Road in Phoenix for $27.97 or $41.00 per square foot. This is the second highest price paid for an industrial asset on an absolute basis, surpassed only by the acquisition of Continuum Business and Technology Campus in Chandler for $51.75m in late February. In September of last year, Vizzda reported that LBA Realty had sold three industrial and office properties to Cole Real Estate Investments for $56.33m.

The 682,291 ft2 facility was developed by Buzz Oates Enterprises in 2009 on a 37 acre site, zoned A-1. There are 125 dock doors and six large grade doors. Buzz Oates Enterprises acquired the land on which the distribution center sits in July of 2005 for $4,210,526. Two years later a related entity to which Buzz Oates had transferred title of the land encumbered the site with $26.65m in new debt with Bank of America. Final plat approval for the single 37.3811 acre industrial lot was recorded in early 2009. Prior to yesterday’s sale, loan documents stipulate to an outstanding balance on the Bank of America Note of $16.125m.

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