Lee & Associates Arizona

The Phoenix office market remained active in the first quarter after a strong finish to 2015. Improving economic conditions have benefitted the office sector in several ways.

The Phoenix Industrial sector started 2016 with a solid market performance, fueled by a robust finish to 2015. Net absorption is historically modest at the start of a new year and could indicate a strong year ahead.

Lee & Associates Arizona Brokers $1.65 Million Airport Area Sale PHOENIX, AZ - A 14,728 SF warehouse building at 4200 E. Broadway Rd., Phoenix, sold for $1,651,000 or $112.10 SF. Lee Associates Arizona brought both sides of the deal to the table.

Chandler Elliot Partners, LLC, an investment partnership headed by Jim Harrison of Harrison Properties, has purchased a 12.8-acre commercial land site at the SEC of Arizona Ave. and Elliot Rd.

Prologis, the global leader of industrial real estate has acquired three industrial buildings totalling approximately 334,000 SF in Downtown Phoenix at 1630, 1710 and 1720 E. Grant St. for $14,500,000.

Overton Moore Properties (OMP), Gardena, CA, sold one of its Valley industrial holdings at 301 N. 45th Ave., Phoenix for $5,700,000 or $74.07 per SF.

An Atlanta-area healthcare information management firm signed a long-term, 55,000 SF office lease at Metro North Corporate Park, 13610 N. Black Canyon Highway, Phoenix. The company is expected to occupy the space in March or April, 2016.

A pair of West Mesa industrial leases were signed this past week; a renewal and a new lease on 5-year-plus terms.

Hoskin-Ryan Consultants, Inc., a full-service, civil engineering firm has signed a long-term, 12,808 SF office lease at 5050 @ Camelback located at 5050 N. 40th St., Phoenix. Move-in is expected in May.

Lee & Associates brokers negotiated the sale of an off-market, 28,241 SF industrial building at 7434 E. Monte Cristo Avenue, Scottsdale for $4,400,000. Price per square foot was calculated at $155.80 per SF.