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Four Tempe Industrial Properties Trade for $4.1M at Eaton Freeway Park

TEMPE, Ariz. - March 16, 2017 - Rezul -- Four Tempe industrial warehouse buildings totalling 62,287 SF recently sold in two separate transactions for a combined $4,075,000 or $65.42 per SF.

Lee & Associates Principal Ken McQueen represented the owners, GD Eaton Freeway, LLC, Providence, RI in both deals.

Huntington Geneva, LLC, a holding entity for Solar Junction, San Jose, CA, acquired 2507 W. Geneva Dr. (19,401 SF) and 2502 W. Huntington Dr. (19,450 SF), for a total of $2,500,000 or $64.35 per SF. Solar Junction will move their San Jose operations to Tempe and occupy the Geneva & Huntington Properties.

"The Huntington Dr. property had a significant amount of infrastructure, power and improvements that were attractive to Huntington Geneva, LLC," said McQueen. "This will minimize the time/costs of Solar Junction's improvements and allow them to expedite their move to the Arizona market."

Iacona Properties, LLC, Phoenix, purchased 3020 S. Park Dr. (12,400 SF) and 3030 S. Park Dr. (11,036 SF) for a total of $1,575,000 or $67.20 per SF). Dan Colton with Colton Commercial represented the buyer in this transaction, which was an expansion of their operations in Phoenix.

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All four buildings are near the sought after 48th St. & Southern Ave. area in the popular Northwest Tempe industrial market. The buildings are close to the 1-10/US 60 freeway interchange and minutes from Downtown Tempe and Phoenix Sky Harbor International Airport.

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For over 25 years, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, retail, investment, multifamily, and land sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state. Each of our 57 North American Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

Matt DePinto

Source: Lee & Associates

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