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.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
No comments:
Post a Comment