Lee & Associates Arizona

The Phoenix industrial market had an exceptional final quarter of 2015. The improving economy, including consumer confidence, a rising home market and lower unemployment, have fueled the industrial sector’s healthy year.

The Phoenix office sector took a strong turn to finish Q4 in solid fashion. The year started off slowly but picked up momentum as the year progressed and accelerated the pace into the final months.

Hybrid Design Associates and Surface Mount Company (HDA SMC), an engineering and manufacturing firm of sophisticated electronic components, signed a 10-year lease for 40,344 SF at Warner Crossing, 1140 W. Warner Rd., Tempe.

PHOENIX, AZ –The 146-unit apartment community, Valle Cita Gardens, 2311 E. Union Hills Dr., Phoenix, sold recently to an Oregon-based investment entity for $8,535,000 or $58,458 per door.

SimonCRE, a Scottsdale-based developer, purchased the 36,000 (usable) SF historic OS Stapley Buildings at 723-747 NW Grand Ave., Phoenix for $3,160,000.

Lee & Associates’ most accomplished broker, Craig Coppola, received the company‘s highest honor, The William J. Lee Lifetime Achievement Award, for 2015.

Two commercial land transactions in Buckeye totalling just over 54 acres, sold for $4,000,000 ($74,061 per AC) or $1.70 per SF. The buyer and seller were the same for both parcels and was part of a 1031 Exchange.

A 40,000 SF Mountainside Fitness at 9745 W. Happy Valley Rd. in Peoria, sold for $7,120,000 or $178.00 per SF. Patrick Dempsey and Jan Fincham, Principals with Lee & Associates, negotiated for both sides of the transaction.

A straight-forward 48.9 acre industrial land parcel sale spurs interest from players looking for a piece of the puzzle. The most compelling part of sale was the several transactions involving portions of this property all before the close of escrow.

A 42,281 SF industrial building at 2077 E. University Dr., in Tempe has sold for $3,600,000 ($85.14 per SF) and will house a service facility for Tesla Motors, the innovative maker of luxury, electric automobiles.