By Tudor Scola
Bixby Land Co. has acquired a 146,663-square-foot industrial warehouse and distribution facility in Phoenix. The company paid $9.5 million in cash for West 10 Business Center. Executive Managing Director Will Strong of Cushman & Wakefield represented the seller, Clarion Partners, while Bixby was self-represented.
Located at 4703 W. Brill St. in Southwest Phoenix, West 10 Business Center has direct frontage on Interstate 10. It was built in 1998 and features 31 dock-high and three grade-level loading doors, 45- by 52-foot column spacing and a clear height of 26 feet. At the time of sale, the building was 100 percent leased to three tenants.
EXCELLENT FREEWAY VISIBILITY
West 10 Business Center is within one mile from two freeway interchanges to Interstate 10, at N. 43rd Ave. and N. 51st Ave. The property is also approximately four miles from Interstate 17. The city of Tucson, Ariz., is 122 miles away, Albuquerque is within 426 miles, Los Angeles is 366 miles away, while Las Vegas is 291 miles away.
“This acquisition aligns well with our investment criteria for institutional grade industrial assets in primary and select secondary distribution markets in the West. The quality of the building, its location with excellent freeway visibility to a major East-West interstate in the U.S. and the underlying fundamental strength of the market made this an attractive investment for Bixby,” said Mike Severson, executive vice president & chief acquisitions officer of Bixby, in a prepared statement.
