Lee & Associates Arizona

Lee & Associates is pleased to announce the sale of a 90,463 SF industrial manufacturing building at 4501 W. Polk St., Phoenix, for $5,650,000 SF. Price per square foot was calculated at $62.46. The property was vacant at the time of sale.

Owners of Renaissance Square, Downtown Phoenix's iconic office towers at 2 and 40 N. Central Ave., have engaged Lee & Associates, RSP Architects and Wespac Construction to completely reimagine the nearly one million square foot Class A property.

The Phoenix office sector finished the year in solid form as the market finds its equilibrium. Though absorption for the year is down slightly from last, 2016 was the third-largest increase in net absorption in a decade.

By all accounts, the Phoenix industrial sector fared well in 2016. This wasn't a standout year compared with the previous two years, however, indicators point to a solid foundation with modest momentum moving into 2017.

A 7,400 SF contemporary live/office building at 116 W. McDowell Rd. has sold for $2,062,500 in an all-cash transaction. Price per SF was $278.71.

A sale of a 26,750 SF office building at University Tech Center, 1860 W. University Dr., sold for $3,798,500 in an off-market transaction. Price per SF was calculated at $142.05.

Four Lee & Associates brokers recently negotiated the $4,700,000 all-cash sale of a 75,786 SF industrial warehouse building at Freeport Center, 5520 W. Maricopa St., Phoenix. The price per SF was $62.02.

A 35,328 SF distribution facility at 18808 N. 32nd St., Phoenix has sold to a Tustin, CA-based firm for $4,500,000 or $127.37 per SF. Phoenix Newspapers Inc., parent company to The Arizona Republic, occupies the facility.

Grove Towne Center, a 22,224 SF shopping center at 1130 W. Grove Ave., Mesa, Arizona, in the revitalized Fiesta District sold for $3,350,000 or $150.74 per SF.

Lee and Associates is pleased to announce the sale of a two-property, Class A portfolio of Scottsdale Seville and La Mirada Shopping Center, both in Scottsdale, for $72,500,000.