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BROKER OPINION OF VALUE AND MARKETING PLAN
33 W. Broadway Road Mesa, AZ 85210
Prepared For:
Michael Longley Assistant General Counsel
MIDFIRST BANK
Prepared By:
TJ Swearengin, Principal
3200 E. Camelback Road Suite 100
Phoenix, AZ 85018
JUNE 2013
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
TABLE OF CONTENTS
33 W. Broadway Road, Mesa, AZ 85210
I. Subject Property
II. Lee & Associates Arizona
III. Comparable Sales
IV. Available Competition
V. Broker Opinion of Value
VI. Industrial Market Report
SUBJECT PROPERTY
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
Property:
33 W. Broadway Road Mesa, Arizona 85210
Building Size:
24,555 SF (consisting of 3 buildings)
Office/Retail Buildout:
8,450 SF
Type:
Retail/Auto Body Industrial
Year Built:
1967 - 1976
Building Construction:
Metal, Concrete and Block
Zoning:
DB-2, City of Mesa
Lot Size:
51,065 SF
Loading:
Grade Level, Dock High and Truckwell
Parcel Number:
139-38-111A
Clear Height:
14’ – 20’
Comments:
» Fully Fenced with Rolling Gates
» Broadway Exposure
» Multiple Buildings
» Four (4) Downdraft Gas Paint Booths
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
SUBJECT PROPERTY
33 W. Broadway Road, Mesa, AZ 85210
LEE & ASSOCIATES ARIZONA
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
LEE & ASSOCIATES ARIZONA
33 W. Broadway Road, Mesa, AZ 85210
Lee & Associates is a full service commercial real estate brokerage firm which, in recent years, has
become a major influence in the commercial real estate industry. Having evolved from an early
user-oriented emphasis, clients now include the largest developers and holders of real estate as well
as the already established corporate base. Clients differ as greatly in size as they do in variety,
often ranging from small, family-owned operations to Fortune 100 companies.
The growing number of available services reflects the diversity of this new, more sophisticated
customer base. Whether a client owns a suburban office project, an industrial distribution building,
or one hundred acres of land for sale or build-to-suit; Lee & Associates Arizona has the professional
staff and support team of experienced brokers to service the project.
Our philosophy is that clients are better served by giving the most talented brokers a
cooperative environment rather than a competitive environment within the firm of Lee &
Associates.
Lee & Associates Arizona has handpicked and assembled the best brokers in the business. Our
principals have completed over $2 billion in transaction volume in the past ten years. Our company
structure allows for better communication and collaborative market information, but more
importantly, better effectiveness in the marketplace. This concept has enabled Lee & Associates
Arizona to become a major real estate brokerage firm by creating a business strategy that produces
maximum results for our clients.
Major factors to remember when selecting the best brokerage team are:
1. Accountability
2. Work Ethic
3. Professional Representation
4. Lee & Associates Arizona is locally owned and operated
5. Quality experienced brokers with established presence in the market
6. Complete research staff and project support to handle all reporting requirements
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
LEE & ASSOCIATES ARIZONA
33 W. Broadway Road, Mesa, AZ 85210
SERVICES AND BENEFITS Lee & Associates Arizona delivers a breadth and quality of service that is unparalleled in the industry. We are uniquely focused on the needs and trends of corporate real estate and have developed an extensive array of services to benefit our corporate clients. The entire process is an organized and methodical approach to ensure ownership of the best possible results through the least amount of risk and time. This process is tailored to your objectives and requirements. The result is a smooth and efficient transaction that meets your needs.
PROJECT MARKETING AND LEASING SERVICES BENEFITS
Evaluate the Project and surrounding submarket(s)
Create Marketing Strategy
Identify and Pursue Target Prospects
Financial Proposal Analysis/Lease Analysis
Negotiation Strategy Development & Implementation
Maximize Value of Real Estate
Optimal Solutions to Meet Sale Objectives and/or Cash Flow Projections
Expertise of a Professional Real Estate Consultant at your Fingertips
Single Point of Contact and Accountability
Lee & Associates has offices throughout the region to assist our clients in most markets. In addition, we have recently opened offices in Orlando, Kansas City, Manhattan, Atlanta and Indianapolis.
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
LEE & ASSOCIATES ARIZONA
33 W. Broadway Road, Mesa, AZ 85210
RESEARCH DEPARTMENT CAPABILITIES
The Research Department at Lee & Associates has extensive research capabilities. The
department plays a major role in each company project by gathering, inputting and tracking
information in extensive databases, market studies, forecasting reports, desktop publishing,
mailers, public relations, and client/project-specific studies. This detailed information provides our
clients with more accurate data in order to make an informed decision.
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
LEE & ASSOCIATES ARIZONA
33 W. Broadway Road, Mesa, AZ 85210
TEAM STRUCTURE
SWEARENGIN
Handle all negotiations
Cold Calling
Property Tours
Sale Analysis
Proposals
Market Updates
MEGAN MURRAY Graphic Designer
Brochures
Marketing Materials
Announcements
ANGELA PETERSON Administrative Assistant
Prepare Proposals
Leases/Purchase Contracts
Commission Accounting
STEPHANIE DAWA Administrative Assistant
Spreadsheets
Marketing Packages
Correspondence
LEIA DEVINE Administrative Assistant
Marketing Reports
Presentations
Overflow Projects
CHRIS MCCHESNEY Research Analyst
Market Research
Maps/Aerials
CoStar Reports
MATT DEPINTO Research Analyst
Market Analysis
Public Relations
Quarterly Market Reports
CONNER LEE Research Analyst
Property Email blasts
Lease Comp Database
Market Research
Mr. Adam Levin Mr. Chris Burson
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
LEE & ASSOCIATES ARIZONA
33 W. Broadway Road, Mesa, AZ 85210
RESUME
TRACY J. SWEARENGIN Principal
LEE & ASSOCIATES ARIZONA Industrial Property Division [email protected] | www.leearizona.com Direct 602.954.3530 | Fax 602.954.0510
CLIENTS REPRESENTED
ADT Security Services
Arizona Tents and Events
Baker Brothers
Cabot, Cabot & Forbes
First Citizens Bank
Garrett Aviation
LBA Realty Fund
National Bank of Arizona
National Bank of Kansas
New York Community Bank
Philosophy Cosmetics
Sherwin Williams
Southwest Traders
USA Baby
Unisys Corporation
Walmart Stores, LP
Wells Fargo Bank
TJ Swearengin is a licensed Arizona Real Estate Broker and a graduate of Arizona State University. TJ specializes in the representation of landlords and tenants in the leasing and sales of industrial properties in the Metropolitan Phoenix real estate market. TJ’s extensive research and knowledge of the market has enabled him to offer competitive marketing for users, owners and developers of industrial properties. Since joining Lee & Associates, TJ has completed over 211 transactions totaling in excess of $133 million.
EXPERIENCE
Lee & Associates Arizona, 1999 – Present
EDUCATION
Arizona State University, Bachelor of Arts, Social and Behavioral Sciences
AFFILIATIONS
NOVA Arizona, President (www.nova-arizona.org)
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
LEE & ASSOCIATES ARIZONA
33 W. Broadway Road, Mesa, AZ 85210
REFERENCES
Steve Amrhein, OREO Manager National Bank of Arizona 6001 N. 24th Street Phoenix, AZ 85016 602.212.5520
Bob Hubbard LBA Realty 2555 E. Camelback Road, Suite 180 Phoenix, AZ 85016 602.648.0908
Patrick McKeon New York Community Bank 216.588.4157
Tom Altieri MidFirst Bank 3030 E. Camelback Road Phoenix, AZ 85016 602.801.5344
Mork Reeb Reeb Group 2812 N. Norwalk, 105 Mesa, AZ 85215
Guy DeLaCruz Lenovo 360 Esplenade Avenue, #5 Pacifica, CA 94044 646.744.8441
COMPARABLE SALES
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945 E Juanita Ave (2 properties)
Mesa, AZ 85204
Multi-Property sale of 2 properties for $1,280,000
Property Addresses:929 E Juanita Ave945 E Juanita Ave
Multi-Property Sale with 2 properties
buyer
Cutler Commercial2150 E Highland AvePhoenix, AZ 85016(602) 955-3500
Sterling Savings Bank111 N Wall StSpokane, WA 99201(509) 354-8190
seller
vital data
Sale Date: 11/14/2012
Days on Market: -
Exchange: No
Conditions: REO Sale
Land Area SF: 101,094
Acres: 2.32
$/SF Land Gross: $12.66
Comp ID: 2602871
Sale Price: $1,280,000
Status: Confirmed
Building SF: 28,558 SF
Price/SF: $44.82
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: -
Pct Down: -
Doc No: 1036989
Trans Tax: -
Property Type: Industrial
Multi-Property SaleName: 2# of Properties:
Parcel No: 139-11-047 [Partial List]
Escrow/Contract: 15 days
income expense data Listing Broker
Realty ONE Group11211 N Tatum BlvdPhoenix, AZ 85028(602) 953-4000Randy Molander
Buyer Broker
Cutler Commercial2150 E Highland AvePhoenix, AZ 85016(602) 955-3500Todd Hamilton
prior sale
Date/Doc No:
Sale Price:
CompID:
8/29/2012
-
2551912
financing
1st Private Lender
Bal/Pmt: $560,000
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Page 1
1045 W Broadway Rd
Mesa, AZ 85210
Freestanding Building of 23,010 SF Sold on 10/15/2012 for$950,000 - Research Complete
buyer
Jack Furrier3545 S Richey BlvdTucson, AZ 85713(520) 748-1700
Stearns Bank Arizona9225 E Shea BlvdScottsdale, AZ 85260(480) 314-4200
seller
vital data
Sale Date: 10/15/2012
Days on Market: 476 days
Exchange: No
Conditions: REO Sale
Land Area SF: 88,427
Acres: 2.03
$/SF Land Gross: $10.74
Year Built, Age: 1983 Age: 29
Parking Spaces: -
Parking Ratio: -
FAR 0.26
Lot Dimensions: -
Frontage: -
Comp ID: 2580327
Sale Price: $950,000
Status: Confirmed
Building SF: 23,010 SF
Price/SF: $41.29
Pro Forma Cap Rate: -
Actual Cap Rate: 13.10%
Down Pmnt: $226,250
Pct Down: 23.8%
Doc No: 0930219
Trans Tax: -
Corner: No
Zoning: M-1, Mesa
No Tenants: 4
Percent Improved: 60.4%
Submarket: Red Mountain/Mesa Ret
Property Type: Retail
MultiTenancy:
Parcel No: 134-12-022E
Map Page: -
Escrow/Contract: 60 days
income expense data
Cash Flow
$124,631
- Capital Expenditure
- Debt Service
Net Operating IncomeNet Income
Listing Broker
Sperry Van Ness12558 N Fountain Hills BlvdFountain Hills, AZ 85268(480) 837-6028Mark Phillips
Buyer Broker
PICOR Commercial Real Estate Services1100 N WilmotTucson, AZ 85712(520) 748-7100Greg Furrier
prior sale
Date/Doc No:
Sale Price:
CompID:
4/27/1993
$350,000
85322
financing
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Page 2
3205 N Delaware St
Arizona Corp. Park NorthChandler, AZ 85225
Class C Warehouse Building of 15,174 SF Sold on 6/8/2012 for$1,000,000 - Research Complete
buyer
Clinical Study Applications Inc3305 S William Dillard DrChandler, AZ 85225(480) 632-1586
Gregory NicollsPO Box 89303Honolulu, HI 96830
seller
vital data
Sale Date: 6/8/2012
Days on Market: 367 days
Exchange: No
Conditions: -
Land Area SF: 49,658
Acres: 1.14
$/SF Land Gross: $20.14
Year Built, Age: 2001 Age: 10
Parking Spaces: 35
Parking Ratio: 2.31/1000 SF
FAR 0.31
Lot Dimensions: -
Frontage: 172 feet on E Delaware
Comp ID: 2491021
Sale Price: $1,000,000
Status: Confirmed
Building SF: 15,174 SF
Price/SF: $65.90
Pct Office: 12.9%
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: $492,000
Pct Down: 49.2%
Doc No: 0496642
Trans Tax: -
Corner: Yes
Zoning: I-1, Chandler
Percent Improved: 70.1%
Submarket: Chandler N/Gilbert Ind
Property Type: Industrial
SingleTenancy:
Parcel No: 302-24-300
Map Page: Wide World of Maps, Inc. 167-178MB
Escrow/Contract: -
income expense data
$17,979
$17,979
Total Expenses
- Operating Expenses
- TaxesExpenses
Listing Broker
Jones Lang LaSalle3131 E Camelback RdPhoenix, AZ 85016(602) 282-6300Steve Larsen
Buyer Broker
Jones Lang LaSalle3131 E Camelback RdPhoenix, AZ 85016(602) 282-6300Steve Larsen
prior sale
Date/Doc No:
Sale Price:
CompID:
3/25/2003
$1,016,650
745808
financing
1st Zions First National Bank
Bal/Pmt: $508,000
2nd Zions First National Bank
Bal/Pmt: $406,400 [partial list]
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Page 3
622 S Hacienda Dr
Hacienda Auto Ctr ITempe, AZ 85281
Class C Warehouse Building of 22,987 SF Sold on 5/10/2013 for$1,750,000 - Research Complete
buyer
George & Margaret Galowicz16618 N 61st PlScottsdale, AZ 85254(480) 968-5915
Mohr Property, LLC1887 Mott CrtSanta Rosa Valley, CA 93012(406) 646-7363
seller
vital data
Sale Date: 5/10/2013
Days on Market: -
Exchange: No
Conditions: Purchase By Tenant
Land Area SF: 74,052
Acres: 1.7
$/SF Land Gross: $23.63
Year Built, Age: 1987 Age: 26
Parking Spaces: 70
Parking Ratio: 2.6/1000 SF
FAR 0.31
Lot Dimensions: 222x330
Frontage: -
Comp ID: 2746126
Sale Price: $1,750,000
Status: Confirmed
Building SF: 22,987 SF
Price/SF: $76.13
Pct Office: 10.0%
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: $150,000
Pct Down: 8.6%
Doc No: 0429980
Trans Tax: -
Corner: No
Zoning: I-1, Tempe
Percent Improved: 63.1%
Submarket: Tempe East Ind
Property Type: Industrial
SingleTenancy:
Parcel No: 132-40-013 [Partial List]
Map Page: -
Escrow/Contract: -
income expense data Listing Broker
No Listing Broker on Deal
Buyer Broker
No Buyer Broker on Deal
prior sale
Date/Doc No:
Sale Price:
CompID:
6/16/1993
$345,000
85750
financing
1st Midfirst Bank
Bal/Pmt: $1,400,000
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Page 4
3324 N San Marcos Pl
LSI PhotomaskChandler, AZ 85225
Class C Manufacturing Building of 19,398 SF Sold on 1/12/2012for $1,025,000 - Research Complete
buyer
Filconn Inc1347 E University DrTempe, AZ 85281(480) 222-3565
David Tucci1 W Campbell DrPhoenix, AZ 85013(602) 647-0366
seller
vital data
Sale Date: 1/12/2012
Days on Market: 135 days
Exchange: No
Conditions: -
Land Area SF: 57,399
Acres: 1.32
$/SF Land Gross: $17.86
Year Built, Age: 1996 Age: 16
Parking Spaces: 30
Parking Ratio: -
FAR 0.34
Lot Dimensions: -
Frontage: 230 feet on San Marcos
Comp ID: 2245915
Sale Price: $1,025,000
Status: Confirmed
Building SF: 19,398 SF
Price/SF: $52.84
Pct Office: 22.0%
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: -
Pct Down: -
Doc No: 0027343
Trans Tax: -
Corner: No
Zoning: I-1/PAD, Chandler
No Tenants: 3
Percent Improved: 69.6%
Submarket: Chandler N/Gilbert Ind
Property Type: Industrial
MultiTenancy:
Parcel No: 302-88-983
Map Page: Wide World of Maps, Inc. 167-177MB
Escrow/Contract: 42 days
income expense data
$19,634
$19,634
Total Expenses
- Operating Expenses
- TaxesExpenses
Listing Broker
KW Commercial18940 N Pima RdScottsdale, AZ 85255(480) 889-7300Brock Danielson
Buyer Broker
Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777Matthew McDougall
prior sale
Date/Doc No:
Sale Price:
CompID:
8/4/2011
$1,200,000
2161490
financing
1st Arizona Business Bank
Bal/Pmt: $512,500
2nd Arizona Business Bank
Bal/Pmt: $410,000 [partial list]
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Page 5
1416 W San Pedro St
Edson Electric SupplyGilbert, AZ 85233
Class B Distribution Building of 23,443 SF Sold on 12/26/2012for $1,500,000 - Research Complete
buyer
Sunstone Rover, LLC1370 Old Mill RdSan Marino, CA 91108
S & L Printing and Mailing1428 W San Pedro StGilbert, AZ 85233(480) 497-8081
seller
vital data
Sale Date: 12/26/2012
Days on Market: -
Exchange: No
Conditions: -
Land Area SF: 65,340
Acres: 1.5
$/SF Land Gross: $22.96
Year Built, Age: 1998 Age: 14
Parking Spaces: 24
Parking Ratio: 1.56/1000 SF
FAR 0.36
Lot Dimensions: -
Frontage: 180 feet on San Pedro
Comp ID: 2632616
Sale Price: $1,500,000
Status: Affidavit
Building SF: 23,443 SF
Price/SF: $63.98
Pct Office: 10.0%
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: $1,500,000
Pct Down: 100.0%
Doc No: 1175244
Trans Tax: -
Corner: No
Zoning: I-1, Gilbert
No Tenants: 2
Percent Improved: 78.9%
Submarket: Chandler N/Gilbert Ind
Property Type: Industrial
SingleTenancy:
Parcel No: 302-12-422
Map Page: Wide World of Maps, Inc. 167-179MA
Escrow/Contract: -
income expense data
$27,627
$27,627
Total Expenses
- Operating Expenses
- TaxesExpenses
Listing Broker
Buyer Broker
prior sale
Date/Doc No:
Sale Price:
CompID:
4/23/2002
$1,400,000
650982
financing
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Page 6
220 N William Dillard Dr
Gilbert, AZ 85233
Class C Warehouse Building of 20,418 SF Sold on 6/6/2012 for$1,350,000 - Research Complete
buyer
Servpro220 N William Dillard DrGilbert, AZ 85233(480) 558-7620
Wells Fargo Bank National Association4406 Piedras Dr WSan Antonio, TX 78228(800) 869-3557
seller
vital data
Sale Date: 6/6/2012
Days on Market: 694 days
Exchange: No
Conditions: REO Sale
Land Area SF: 208,217
Acres: 4.78
$/SF Land Gross: $6.48
Year Built, Age: 1991 Age: 21
Parking Spaces: 20
Parking Ratio: 1/1000 SF
FAR 0.10
Lot Dimensions: 416x500
Frontage: -
Comp ID: 2488131
Sale Price: $1,350,000
Status: Confirmed
Building SF: 20,418 SF
Price/SF: $66.12
Pct Office: 41.6%
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: $135,000
Pct Down: 10.0%
Doc No: 0488415
Trans Tax: -
Corner: No
Zoning: LI, Gilbert
No Tenants: 1
Percent Improved: 50.2%
Submarket: Chandler N/Gilbert Ind
Property Type: Industrial
MultiTenancy:
Parcel No: 302-23-005F
Map Page: Wide World of Maps, Inc. 167-178MB
Escrow/Contract: 45 days
income expense data
$54,992
$20,418
$34,574
Total Expenses
- Operating Expenses
- TaxesEstimated Expenses
Listing Broker
GPE Commercial Advisors, LLC2777 E Camelback RdPhoenix, AZ 85016(480) 994-8155Bret Isbell, Russell Fine
Buyer Broker
Newmark Grubb Knight Frank2398 E Camelback RdPhoenix, AZ 85016(602) 952-3800Peter Batschelet
prior sale
Date/Doc No:
Sale Price:
CompID:
6/30/2005
$2,625,000
1041415
financing
1st Us Bank N A
Bal/Pmt: $1,215,000
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Page 7
AVAILABLE COMPETITION
This copyrighted report contains research licensed to Lee & Associates - 113269.6/3/2013
Page 1
> Property is entirely fenced> Zoned M-2, City of Mesa> Less than 2 miles to a full diamond interchange at U.S. 60 & Country Club Drive> Ideal for contractors yard or heavy equipment maintenance
Sales ContactsPortfolio Information
Investment Notes
Portfolio of 2 Warehouse properties in Mesa, AZ, having total size of 23,000 SF, and for sale at $695,000 ($30.22/SF)
Colliers International
Rob Martensen
2390 E Camelback RdSuite 100Phoenix, AZ 85016(602) 222-5000
Vice President(602) 222-5082 (phone)
1
Sale Price: $695,000
Cap Rate: -
Sale Type: Investment OR Owner/User
Price/SF: $30.22
Sale Status: Active
RBA: 23,000 SFDays On Market: 437
Some properties can be sold individually
Sale Conditions: -
2 Properties in portfolio
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Page 1
Excellent income producing, multi-tenant industrial building less than 1 mile from US 60. This property is 70% occupied and has verydesirable small 1,850 sf bays with only 5% office. Most tenants have been in the building for more that 5 years. The location is exceptionaldue to its proximity to freeway and auto/cycle related demands.
Recent capital improvements includes: Parking lot reseal and strip, building paint, all curbing replaced, vacant suites painted white, rooffully inspected and cleaned, new signage, sump repairs, new sump pump, exterior wall height increase, landscaping, roof access created,allexterior lighting replaced with more efficient units, retention basin improvements, and much more.
This property is now positioned for 100% occupancy with minimum improvements expected in the near future. Suites 2, 4 and 6 availablefor lease.
Net Operating Income is now $87,000/year
Sales ContactsInvestment Information
Investment Notes
Building Information
Country Club & Southern Ave.Country Club & Southern Ave. - Mesa, AZ 85210 - Mesa Ind Submarket18,460 SF Class C Manufacturing Building Built in 1984Property is for sale at $1,000,000 ($54.17/SF)
334 W 10th Ave
City to City Commercial
Kent D. Baker
7201 E Camelback RdSuite 210Scottsdale, AZ 85251(480) 355-2222
Senior Vice-President(480) 355-2222 ext. 241 (phone)(480) 321-8889 (fax)
2
Sale Price:
Cap Rate:Price/SF:
Sale Status:
$1,000,000
8.70%$54.17
Active
Days On Market: 168
Sale Type: InvestmentSale Conditions: -
Bldg Type:
Owner Type:
Bldg Status:
BuildingFAR:
Manufacturing
-
Built 1984
0.41Stories: 1
5,550 SFBldg Vacant:For SaleRent/SF/mo:
Warehouse Avail: 1,850 SF0 SFOffice Avail:
CAM: -Land Area: 44,867 SF
Smallest Space: 1,850 SFMultiple Tenant
Owner Occupied: NoTenancy:
1,850 SFMax Contig:
% Leased: 90.0%RBA: 18,460 SF
Zoning: C-3, Mesa
Cross Docks:Crane: -None14'0"-16'0"Ceiling Height:Column Spacing: -
MasonryConst Mat:Loading Docks: None
Drive Ins: 10 (total)Rail Line: None
YesLevelators: NoneSprinklers:
NoneRail Spots:
Lot Dimensions: -
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Page 2
Power: 100a/120-208v
Utilities: No Heating
Parcel Number: 139-43-005Q
Parking: 35 free Surface Spaces are available; Ratio of 1.90/1,000 SF
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Page 3
Sales ContactsInvestment Information
Building Information
Tempe, AZ 85282 - Tempe East Ind Submarket19,950 SF Class B Distribution Building Built in 1973Property is for sale at $1,596,000 ($80.00/SF)
1868 E Broadway Rd
Lee & Associates
Bruce Heathcote
111 PacificaSuite 310Irvine, CA 92618(949) 727-1200
Senior Vice President(949) 790-3107 (phone)(949) 727-1299 (fax)
3
Sale Price:
Cap Rate:Price/SF:
Sale Status:
$1,596,000
-$80.00
Active
Days On Market: 1,246
Sale Type: Investment OR Owner/UserSale Conditions: Sale Leaseback
Portfolio Info: This property is also for sale as part of aportfolio
Bldg Type:
Owner Type:
Bldg Status:
BuildingFAR:
Distribution
-
Built 1973
0.19Stories: 1
0 SFBldg Vacant:For SaleRent/SF/mo:
Warehouse Avail: 19,950 SF0 SFOffice Avail:
CAM: -Land Area: 104,108 SF
Smallest Space: 19,950 SFSingle Tenant
Owner Occupied: NoTenancy:
19,950 SFMax Contig:
% Leased: 100.0%RBA: 19,950 SF
Zoning: GID, Tempe
Cross Docks:Crane: NoNone-Ceiling Height:Column Spacing: -
Reinforced ConcreteConst Mat:Loading Docks: 13 ext (bldg. total)
Drive Ins: NoneRail Line: None
-Levelators: 8 extSprinklers:
NoneRail Spots:
Lot Dimensions: -
Features: Fenced Lot
Parcel Number: 133-05-015
Parking: 30 free Surface Spaces are available
This copyrighted report contains research licensed to Lee & Associates - 113269.6/3/2013
Page 4
Fenced Yard & Heavy Power
Sales ContactsInvestment Information
Investment Notes
Building Information
Tempe, AZ 85281 - Tempe East Ind Submarket18,000 SF Class B Warehouse Building Built in 1970Property is for sale at $1,170,000 ($65.00/SF)
115-205 S Industrial Dr
Lee & Associates
T.J. Swearengin
3200 E Camelback RdSuite 100Phoenix, AZ 85018(602) 956-7777
Principal - Industrial(602) 912-3530 (phone)(602) 954-0510 (fax)
4
Sale Price:
Cap Rate:Price/SF:
Sale Status:
$1,170,000
-$65.00
Active
Days On Market: 1,554
Sale Type: Owner/UserSale Conditions: -
Bldg Type:
Owner Type:
Bldg Status:
BuildingFAR:
Warehouse
-
Built 1970
0.43Stories: 1
18,000 SFBldg Vacant:For SaleRent/SF/mo:
Warehouse Avail: 18,000 SF2,500 SFOffice Avail:
CAM: -Land Area: 41,500 SF
Smallest Space: 18,000 SFMultiple Tenant
Owner Occupied: NoTenancy:
18,000 SFMax Contig:
% Leased: 0.0%RBA: 18,000 SF
Zoning: I-1
Cross Docks:Crane: --14'0"Ceiling Height:Column Spacing: -
MasonryConst Mat:Loading Docks: None
Drive Ins: 4 tot./8'0"w x 10'0"hRail Line: -
-Levelators: NoneSprinklers:
-Rail Spots:
Lot Dimensions: -
Power: 2400a/480v 3p
Utilities: Gas
Features: Fenced Lot
Parcel Number: 132-41-033A
Parking: 12 Surface Spaces are available
This copyrighted report contains research licensed to Lee & Associates - 113269.6/3/2013
Page 5
20,050 +/- SF Comprised of 3 BuildingsLocated on 76,542 +/- SF Paved Lot10 Industrial Suites14" Overhead Doors/ 16' Ceiling HeightsGlass Front Suites Facing Main StreetZoned GC City of MesaGreat for Auto and Commercial UseEstablished Location at Main Street and Lindsey Rd
Sales ContactsInvestment Information
Investment Notes
Building Information
Mesa, AZ 85213 - Falcon Fld/Apache Jct Ind Submarket20,050 SF Class C Industrial Building Built in 1987Property is for sale at $1,300,000 ($64.84/SF)
3015 E Main St
Metropolitan Realty Advisors
Adam Hansen
7802 E Gray RdSuite 600Scottsdale, AZ 85260(602) 509-8776
Sales & Leasing Agent(480) 252-1363 (phone)
5
Sale Price:
Cap Rate:Price/SF:
Sale Status:
$1,300,000
11.20%$64.84
Active
Days On Market: 20
Sale Type: InvestmentSale Conditions: -
Bldg Type:
Owner Type:
Bldg Status:
BuildingFAR:
Industrial
-
Built 1987
0.26Stories: 1
0 SFBldg Vacant:For SaleRent/SF/mo:
Warehouse Avail: 0 SF0 SFOffice Avail:
CAM: -Land Area: 76,544 SF
Smallest Space: 0 SFMultiple Tenant
Owner Occupied: NoTenancy:
0 SFMax Contig:
% Leased: 100.0%RBA: 20,050 SF
Zoning: GC
Cross Docks:Crane: --16'0"Ceiling Height:Column Spacing: -
-Const Mat:Loading Docks: None
Drive Ins: 10 tot./14'0"w x 16'0"hRail Line: -
-Levelators: NoneSprinklers:
-Rail Spots:
Lot Dimensions: -
Features: Signage
Parcel Number: 140-27-003Z, 140-27-020
Parking: 64 Surface Spaces are available
This copyrighted report contains research licensed to Lee & Associates - 113269.6/3/2013
Page 6
Centrally located Gilbert office and warehouse property includes three buildings and a secured, fenced storage yard. The office build-outfeatures a soaring two-story lobby with custom wood ceiling. Drive-in work bays and covered work areas ideal for RV or automotivestorage and service. Was a contractor's office with plan tables and abundance of phone and Internet cabling. Includes two parcels APN#302-15-037 and #302-15-033.
Located in the Golden Key Plaza industrial park South of Guadalupe and East of Cooper Road in Gilbert.
Sales ContactsInvestment Information
Investment Notes
Building Information
Gilbert, AZ 85233 - Chandler N/Gilbert Ind Submarket17,298 SF Class C Warehouse Building Renovated in 1987 Built in 1984Property is for sale at $1,099,000 ($63.53/SF)
741 N Monterey St
Sorensen & Black
Samuel H. Sorensen
5812 N 12th StSuite 28Phoenix, AZ 85014(602) 256-9155
Principal/Broker(602) 256-9155 (phone)
6
Sale Price:
Cap Rate:Price/SF:
Sale Status:
$1,099,000
-$63.53
Escrow
Days On Market: 325
Sale Type: Owner/UserSale Conditions: -
Bldg Type:
Owner Type:
Bldg Status:
BuildingFAR:
Warehouse
-
Built 1984, Renov 1987
0.20Stories: 2
17,298 SFBldg Vacant:For SaleRent/SF/mo:
Warehouse Avail: 17,298 SF0 SFOffice Avail:
CAM: -Land Area: 85,813 SF
Smallest Space: 5,000 SFSingle Tenant
Owner Occupied: YesTenancy:
17,298 SFMax Contig:
% Leased: 0.0%RBA: 17,298 SF
Zoning: LI
Cross Docks:Crane: --14'0"-20'0"Ceiling Height:Column Spacing: -
-Const Mat:Loading Docks: -
Drive Ins: 7 (total)Rail Line: None
-Levelators: -Sprinklers:
NoneRail Spots:
Lot Dimensions: -
Features: Property Manager on Site
Parcel Number: 302-15-033, 302-15-037
Parking: 18 free Covered Spaces are available; Ratio of 1.04/1,000 SF
This copyrighted report contains research licensed to Lee & Associates - 113269.6/3/2013
Page 7
Please call with questions.
Sales ContactsInvestment Information
Investment Notes
Building Information
Mesa, AZ 85202 - Mesa Ind Submarket26,940 SF Class B Warehouse Building Renovated in 1992 Built in 1980Property is for sale at $1,150,000 ($42.69/SF)
263 S Mulberry St - Automotive Testing Laboratories
Rein & Grossoehme
Steve Grossoehme
8767 E Via de VenturaSuite 370Scottsdale, AZ 85258(480) 214-9400
Principal - Office/Industrial Sales(480) 214-9413 (phone)(480) 214-9401 (fax)
7
Sale Price:
Cap Rate:Price/SF:
Sale Status:
$1,150,000
-$42.69
Escrow
Days On Market: 1,008
Sale Type: Investment OR Owner/UserSale Conditions: -
Bldg Type:
Owner Type:
Bldg Status:
BuildingFAR:
Warehouse
-
Built 1980, Renov 1992
0.20Stories: 1
26,940 SFBldg Vacant:For SaleRent/SF/mo:
Warehouse Avail: 26,940 SF0 SFOffice Avail:
CAM: -Land Area: 132,422 SF
Smallest Space: 26,940 SFSingle Tenant
Owner Occupied: NoTenancy:
26,940 SFMax Contig:
% Leased: 0.0%RBA: 26,940 SF
Zoning: M-2, Mesa
Cross Docks:Crane: -None14'0"-16'0"Ceiling Height:Column Spacing: -
MasonryConst Mat:Loading Docks: None
Drive Ins: 5 tot./10'0"w x 10'0"hRail Line: None
YesLevelators: NoneSprinklers:
NoneRail Spots:
Lot Dimensions: 132x553
Power: 3000a
Utilities: Gas - Natural, Heating - Electric, Sewer - City, Water - City
Features: Cooler, Fenced Lot, Property Manager on Site
Parcel Number: 134-31-008M
Parking: 90 Surface Spaces are available; Ratio of 6.40/1,000 SF
This copyrighted report contains research licensed to Lee & Associates - 113269.6/3/2013
Page 8
• 15 Grade Level Loading Doors• Truck well / side loaded (modifiable)• 800 AMPS/120/208 Voltage• Approx. 2,000 feet of office space• Evaporative Cooled Warehouse• Drive around gated access• Large Rear yard
Sales ContactsInvestment Information
Investment Notes
Building Information
Chandler, AZ 85225 - Chandler N/Gilbert Ind Submarket20,124 SF Class B Warehouse Building Built in 1999Property is for sale at $1,690,000 ($83.98/SF)
3295 N Nevada St - Interstate Brands (Former)
P T Property Services
Pat Takash
4715 N 32nd StSuite 100Phoenix, AZ 85018(602) 274-1500
Designated Broker(602) 274-1500 (phone)
8
Sale Price:
Cap Rate:Price/SF:
Sale Status:
$1,690,000
-$83.98
Active
Days On Market: 138
Sale Type: Investment OR Owner/UserSale Conditions: -
Bldg Type:
Owner Type:
Bldg Status:
BuildingFAR:
Warehouse
-
Built Nov 1999
0.22Stories: 1
20,124 SFBldg Vacant:For SaleRent/SF/mo:
Warehouse Avail: 20,124 SF2,000 SFOffice Avail:
CAM: -Land Area: 90,169 SF
Smallest Space: 20,124 SFSingle Tenant
Owner Occupied: NoTenancy:
20,124 SFMax Contig:
% Leased: 0.0%RBA: 20,124 SF
Zoning: I-1, Chandler
Cross Docks:Crane: NoNone16'0"Ceiling Height:Column Spacing: -
MasonryConst Mat:Loading Docks: Yes
Drive Ins: 15 tot./8'0"w x 12'0"hRail Line: None
YesLevelators: NoneSprinklers:
NoneRail Spots:
Lot Dimensions: -
Power: 800a/120-208v 3p
Features: Fenced Lot, Storage Units, Yard
Parcel Number: 302-24-376
Parking: 36 free Surface Spaces are available; Ratio of 1.79/1,000 SF
This copyrighted report contains research licensed to Lee & Associates - 113269.6/3/2013
Page 9
AVAILABLEPERFORMANCE CENTER - MULTI-TENANT INDUSTRIAL334 W. 10th Avenue Mesa, AZ 85210
The information contained herein was obtained from sources deemed reliable; however, seller and/or its agent shall not be held responsible for errors or omissions. Subject to prior sale or withdrawal. Buyer to independently verify all pertinent information.
BAKER HARDISON DINSDALE MAIN 355.2222 DIRECT 968.3033
[email protected] [email protected] [email protected]
Offered at $999,000 ($54 PSF) Submit offers!
Property Summary Property Highlights
Size: 18,500± SF
Type: Multi-tenant
Bays: (10) 1,850± SF bays (each with small office,
bathroom and outside work area.
Zoning: C-3 (heavy commercial), City of Mesa
Built: 1984 (newer appearance)
Construction: Split-faced block
Clear Hgt: 18’
Roll-ups: (1) 10x12 door per suite
Parking: 3-4 uncovered spots per suite
2012 Taxes: $12,780
APN: 139-43-005-Q
Disclosure: Baker has an ownership interest in this
property along with 4 other investors.
Excellent income producing, multi-tenant industrial building less than 1 mile from US 60. This
property is 70% occupied and has very desirable small 1,850 sf bays with only 5% office. Most
tenants have been in the building for more that 5 years. The location is exceptional due to its
proximity to freeway and auto/cycle related demands.
Recent capital improvements includes: Parking lot reseal and strip, building paint, all curbing
replaced, vacant suites painted white, roof fully inspected and cleaned, new signage, sump
repairs, new sump pump, exterior wall height increase, landscaping, roof access created, all
exterior lighting replaced with more efficient units, retention basin improvements, and much more.
This property is now positioned for 100% occupancy with minimum improvements expected in the
near future.
Suites 2, 4 and 6 available for lease.
Interior View 1 Interior Office View
The information contained herein was obtained from sources deemed reliable; however, seller and/or its agent shall not be held responsible for errors or omissions. Subject to prior sale or withdrawal. Buyer to independently verify all pertinent information.
Exterior View 2
BAKER HARDISON DINSDALE MAIN 355.2222 DIRECT 968.3033
[email protected] [email protected] [email protected]
Exterior View 3
Floorplan
Suite 11,850 SF
Suite 21,850 SF
Suite 31,850 SF
Suite 41,850 SF
AVAILABLEFORLEASE
AVAILABLEFORLEASE
AVAILABLEFORLEASE
Suite 51,850 SF
Suite 61,850 SF
Suite 71,850 SF
Suite 81,850 SF
Suite 91,850 SF
Suite 101,850 SF
Performance Center
334 W 10th AveMesa, AZ 85210
Survey
The information contained herein was obtained from sources deemed reliable; however, seller and/or its agent shall not be held responsible for errors or omissions. Subject to prior sale or withdrawal. Buyer to independently verify all pertinent information.
Aerial Map
BAKER HARDISON DINSDALE MAIN 355.2222 DIRECT 968.3033
1868 EAST BROADWAY ROAD, TEMPE, ARIZONA
FOR SALE
BROADWAY RD.
Mc
CLI
NTO
CK
DR
.
UNION PACIFIC RAILROAD
FEATURES
• 105,342 SF Factory/Warehouse• 19,950 SF Showroom/Office/ Warehouse/Retail • Zoned I-1• Rail Served• 6.39 Acre Parcel• Previously occupied by Dunn-Edwards
Allen [email protected]
Rick [email protected]
Bruce HeathcoteSenior Vice [email protected]
TWO BUILDINGS: 125,292 SF
“No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.”
Allen [email protected]
325-375 EAST ELLIOT ROAD, CHANDLER, AZ
Sky HarborInt'l Airport
Pric
e Fw
y.P
ima
Fwy.
Papago Fwy.
Maricopa Fwy.
Squ
aw P
eak
Pkw
y
Bla
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anyo
n Fw
y.
Santan Fwy.South Mountain Fwy.
87
51
MAIN ST.
VAL
VIS
TA D
R.
PARADISEVALLEY
MESA
CHANDLERGILBERT
AHWATUKEE
FOUNTAINHILLS
PHOENIX
NO
RTH
MCDOWELL RD.
Superstition Fwy.
RU
RA
L R
D.
SC
OTT
SD
ALE
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.
BEELINE HWY.
LINCOLN DR.
SHEA BLVD.
MCDONALD DR.
AR
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.
McQ
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.
CO
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.
BASELINE RD.
BUCKEYE RD.
BROADWAY RD.
MIL
L AV
E.
ELLIOT RD.
CHANDLER BLVD.
RAY RD.
GUADALUPE RD.
WARNER Rd.
32N
D S
T.
HAY
DE
N R
D.101
MCDOWELL RD.
UNIVERSITY DR.
McKELLIPS RD.
BROWN RD.
CE
NTR
AL
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.
44TH
ST.
24TH
ST.
43R
D A
VE
.
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.
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SCOTTSDALE
TEMPE
BASELINE RD.
202
202
GERMANN RD.
QUEEN CREEK RD.
McC
LIN
TOC
K R
D.
OCCOTILLO RD.
CHANDLER HEIGHTS RD.
RIGGS RD.
HUNT HWY.
WilliamsGatewayAirport
ChandlerAirport
56TH
ST.
PO
WE
R R
D.
SO
SS
AM
AN
RD
.
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OR
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143
60
N
UNIVERSITY DR.
BROADWAY RD.
SOUTHERN AVE.
MC
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.
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L AV
E.
RU
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48TH
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RIO SALADO PKWY
CURRY RD.
Rick [email protected]
1868 EAST BROADWAY ROAD, TEMPE, ARIZONA
Bruce HeathcoteSenior Vice [email protected]
• Heavy Power
• 15’ - 17’ Clear Height
• Showroom Building - Air Conditioned
• Warehouse Building - Evap Cooled
• Centrally Located
• Conveniently located off the 101 freeway
and two (2) miles south of the 202 freeway
• Buildings may be sold separately
Conveniently
Fenced Yard & Heavy Power• +18,000 SF Building• +2,500SFOffice• +41,000 SF Site• Zoned I-2, City of Tempe• Four (4) Grade Level Doors• 14’ Clear Height• 2,400 Amps 3 Phase• Adjacent to Tempe Market Place• Great opportunity to be Owner/User and Landlord• LEASERATE:$.59/SFGross• PURCHASEPRICE:$1,710,000.00($97/SF)$1,170,000($65/SF)
Sky HarborInt'l Airport
LukeAFB
Pim
a Fw
y.
Sun
Val
ley
Pkw
y.
Grand Ave.
Papago Fwy.
Maricopa Fwy.
Squ
aw P
eak
Pkw
y
Bla
ck C
anyo
n Fw
y.Red Mountain Fwy.
Pima Fwy.Agua Fria Fwy.
Sun Valley Pkwy.
Santan Fwy.South Mountain Fwy.
87
MAIN ST.
Baseline Rd.
Dea
n R
d.
Wat
son
Rd.
Mill
er R
d.
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lsby
Rd.
VAL
VIS
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MESA
CHANDLERGILBERT
AHWATUKEE
SUNCITY
GLENDALE
LITCHFIELDPARK
SUNCITY
WEST
FOUNTAINHILLS
BUCKEYE
PEORIA
TOLLESON
Gila River
Salt River
PHOENIX
NO
RTH
MCDOWELL RD.
Superstition Fwy.
BEELINE HWY.
LINCOLN DR.GLENDALE AVE.
PEORIA AVE. SHEA BLVD.
CAMELBACK RD. MCDONALD DR.
AR
IZO
NA
AVE
.
McQ
UE
EN
RD
.
CO
OP
ER
RD
.
BASELINE RD.
BELL RD.
THUNDERBIRD RD.
BUCKEYE RD.YUMA RD.
BROADWAY RD. BROADWAY RD.
JAC
KR
AB
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TR
.
CO
TTO
N L
N.
MIL
L AV
E.
ELLIOT RD.
CHANDLER BLVD.
RAY RD.
GUADALUPE RD.
WARNER Rd.
32N
D S
T.
HAY
DE
N R
D.
MCDOWELL RD.
UNIVERSITY DR.
CE
NTR
AL
AVE
.
44TH
ST.
24TH
ST.
43R
D A
VE
.
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.
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AV
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DO
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RD
.
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85 60
101
101
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SCOTTSDALE
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.
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BELL RD.
MCDOWELL RD.
Rai
nbow
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ley
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LukeAFB
BROADWAY RD.GOODYEAR
GLENDALE AVE.
NORTHERN AVE.
CAMELBACK RD.
MCDOWELL RD.
101
303
Est
rella
Fw
y.
SURPRISE
WADDELL RD.
51
202
RIO SALADO PKWY.
SUBJECT
“No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and avail-ability are subject to change or withdrawal without notice.”
205 South Industrial Drive, Tempe, AZ
FEATURES:
FREE STANDING BUILDING
“No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and avail-ability are subject to change or withdrawal without notice.”
FREE STANDING BUILDING
RR
RR R/R
A/C MFG
OFFICE
OFFICERECEPTION
OFFICE
SHOWROOM OFFICE
OFFICE
OFFICE
CONF.ROOM
F
FOR SALE17,298 SF (+-)1.97 (+-) ACGilbert, AZ.
- Zoned L-I IndustrialCity of Gilbert
- Large Yard Area- Large 2-Story Office- Vehicle MaintenanceSpace
- Fenced and Gated- Covered Parking- 14FT. High Ceilings- Grade Level Loading- Entrances on bothMonterey and Neely
Sam SorensenSorensen and Black Inc.,
Phoenix, AZ602-369-4059 (Cell)602-256-9155602-279-5022(Fax)
While we believe that all the information as given and delivered is reliable, no warranties or representations are made tothe accuracy of this submission. It is the Buyer’s sole responsibility to independently verify all information
741 S. Monterey, Gilbert,AZ
Contact: Sam SorensenPhn: 602-256-9155 Cell: 602-279-5022
3295 North Nevada, Chandler, AZ
3295 North Nevada, Chandler, Arizona20,124 SQUARE FEET
For More Information Please Contact:
Pat Takash (602) 274-1500
4715 North 32nd Street, Suite 100, Phoenix, Arizona 85018While we believe all the information contained herein to be accurate we do not guarantee it
• 15 Grade Level Loading Doors• Truck well / side loaded (modifiable)• 800 AMPS/120/208 Voltage• Approx. 2,000 feet of office space• Evaporative Cooled Warehouse• Drive around gated access • Large Rear yard
Features:
BROKER OPINION OF VALUE
LEE & ASSOCIATES BROKER OPINION OF VALUE AND MARKETING PLAN
BROKER OPINION OF VALUE
33 W. Broadway Road, Mesa, AZ 85210
Strengths & Weaknesses
When evaluating a property to determine the value and disposition aspects, we find it best to review the
strengths and weaknesses of that specific property. The following outlines some of the strengths and
weaknesses of the subject property.
Strengths
Location
» Located in the heart of Mesa
» Zoning allows for a wide variety of uses
» Two miles from US 60 Freeway
» Potential for retail or industrial uses
Surrounding Demographics
» Density of automotive uses
» Very strong historical population
» Number of employers existing in the area
» Newer developments attract growing labor-force and employer base
User Specific
» Existing paint booths
» Newer gas and downdraft paint booths
» Recently Permitted (No new requirements for improvement)
» Excellent Loading
Weaknesses
Older part of Mesa
Nontraditional buildout (Three Buildings)
A great portion of the value lies in the continued use of the existing improvements
Metal Roof (Portion)
Suggested Listed Sales Price:
$1,650,000
Automotive User Achievable Sales Price:
$1,450,000 - $1,550,000
Non-Automotive User Achievable Sales Price:
$1,250,000 - $1,450,000
Investor – Achievable Sales Price: $1,100,000
Marketing Strategy:
Canvass the existing owners and users in the area. Also,
market the building to the collision centers valley wide.
Consistent bi-weekly emails to over 300 brokers in the area.
Attend every tour of the facility to answer all questions.
INDUSTRIAL MARKET REPORT
The Phoenix industrial market continues to forge ahead by posting mostly positive indicators. From vacancy and absorption to construction activity, the industrial sector is riding a strong recovery. One only has to look at the market before the last recession to see similar indicators. From a record-high 17.6% vacancy rate in Q1 2010, it has managed to turn in a sub-12% vacancy rate with nearly 19 million SF absorbed over that time period. The one area that has yet to rise to pre-recession levels is asking rental rates. Although rates have inched up slowly over the past year and made some gains in several sectors, they are still not where most expect them to be. It is still a concern for lessors and investors alike. Tenants still enjoy the modest rates, but will not do so for too much longer. Construction activity remains strong, having grown steadily over the past two years and is the highest recorded activity since Q1 2008, but is still short of the exciting times of the commercial real estate run-up in 2006-2007. Building type and size have changed enormously since then, as well. Currently, most construction is focused on build-to-suit, large distribution and manufacturing facilities with an average building size of 409,059 SF. In contrast, Q3 2007 when spec industrial condos and multi-tenant spaces were in demand, the average construction property size totaled 66,250 SF. Today, with the increased demand for large distribution space, especially in the West Valley, several spec building projects have been announced while some have gone vertical. This trend will accelerate over the next few years. As the Valley housing market continues to roar back, it has propelled the overall
economy forward especially in the industrial sector. New homebuilding-related businesses that laid low during the housing collapse are returning to the market again. From cabinet, countertop and lighting manufacturers to door and window distributors, they are all scrambling for space to meet the increased demand. Much of that smaller space, especially under 50,000 SF, had been languishing. The improving economy has brought these smaller players back to the market and should put a dent in the inventory. Additionally, more creative
PHOENIX INDUSTRIALMARKET REPORT Q12013
www.leearizona.com | 1
Lee & Associates Arizona is part of the 46 office Lee national network.
Absorption 1,544,828 SF
Vacancy -80 basis points to 11.9%
Average RentNo change, $0.51/SF
Under Construction5,735,779 SF
New Supply Delivered447,792 SF
Sales Transactions $86 million
Average Sales PSF$55.45 PSF
Lease Activity2,320,704 SF
Unemployment Rate PHX Metro: 6.7% Arizona: 7.7% U.S.: 7.7%
Q1 TRENDS AT A GLANCE Positive Momentum in Industrial Should Build Throughout 2013
2.57M
1.54M
2.51M
-0.27M
1.90M
0.76M
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Q411
Q112
Q212
Q312
Q412
Q113
ABSORPTIONin millions of SF
Q411
Q112
Q212
Q312
Q412
Q113
14.2% 14.2%
13.4% 13.2%12.7%
11.9%
VACANCY
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PHOENIX INDUSTRIAL MARKET REPORTQ12013
Property Name Address Submarket Type Tenant Name Square Feet Type6725 W. Allison Rd. 6725 W. Allison Rd., Chandler Chandler Warehouse Sound Packaging 105,000 Move inSun Distribution Center 5120 W. Buckeye Rd., Phoenix SW S of Buckeye Road Distribution Amcor Packaging 80,587 Move inBuckeye Industrial Center 2 5707 W. Buckeye Rd., Phoenix SW S of Buckeye Road Manufacturing Valley Palette 42,000 Move inPhoenix Tech Center 10230 S. 50th Pl., Phoenix Chandler Flex General Motors 40,586 Move in8800 N 22nd Ave. 8800 N. 22nd. Ave., Phoenix N. Black Canyon Flex Dept. of Economic Security 39,978 Move in475 W. Vaughn Dr. 475 N. Vaughn Dr., Tempe Tempe Southwest Warehouse VWR International 34,908 RenewalZ Fahrenheit Building 15690 N. 83rd Way., Scottsdale Scottsdale Airpark Warehouse Ridgeline Energy Services 34,000 Move inHayden Commerce Center 14000 N. Hayden Rd., Scottsdale Scottsdale Airpark Flex Ingram Micro 33,864 Move in
Property Address Buyer Seller Type Sales Price Square Feet PSF3200 W. Germann Rd., Chandler Digital Realty Trust, Inc. Amkor Technology Inc. Manufacturing $21,062,117* 201,398 $104.581840 N. 95th Ave., Phoenix Viawest Properties, LLC Carlson Real Estate, LLC Flex $12,646,018** 118,353 $105.285150 S. 48th St., Phoenix Robert Wells Family Partnership, LP Pantera Holdings, Inc. Flex $9,000,000 82,742 $108.775865 S. Kyrene Rd., Tempe Tidemann Properties, LLC Buchanan St. Partners Distribution $6,500,000 161,333 $40.608205 N. 67th Ave., Glendale CLK Developments AZ, LP Sto Corp. Storage $5,500,000 19,000 $289.477211 E. Southern Ave., Mesa Holuloa Clearview, LLC Case Huff & Associates Warehouse $3,149,000 19,491 $161.5612519 W. Butler Dr., El Mirage Dakota Fabricating, Inc. JDL & Co., LLC Manufacturing $2,700,000 44,090 $61.24353 N. 44th Ave., Phoenix R&B Wholesale Distributors Johnson Living Trust Warehouse $2,650,000 48,294 $54.87
*Multi property sale reflects exclusion of office property portion of transaction. **Multi property sale reflects exclusion of land parcel portion of transaction.
use of space by companies not pigeon-holed by a specifi c building type can fi nd bargains and innovative solutions for their unique space needs.
The Fundamentals The Phoenix industrial market posted an 11.9% vacancy rate, down 80-basis points from Q4 2012. This is the lowest posted vacancy rate since Q1 2008 when industrial vacancies began their steady rise. Net absorption remained strong this quarter at 1,579,608 SF. First quarter absorption fi gures tend to bottom out after high activity at the previous years’ end. However, this is the best fi rst quarter absorption rate since Q1 2007.
Deal velocity was somewhat weak during the quarter with just over 500 transactions and 2.3 million SF leased. There were 4 deliveries this quarter totaling 447,792 SF. There was an increase in construction activity from last quarter totaling 14 properties at 5,735,779 SF. Asking rental rates remained essentially unchanged at $0.51 per square foot (monthly) although several submarkets showed increasing rates.
The largest industrial lease transaction for the quarter was 105,000 SF for Sound Packaging at 6725 W. Allison Rd., Chandler. The largest sale transaction for the quarter was the purchase by Digital Realty Trust of 3200 W. Germann Rd., Chandler for $21.1 million from Amkor Technology,
Inc. The 201,388 SF property posted an allocated price per square foot of $104.58. Sales velocity posted a disappointing $86 million in transaction volume this quarter compared to last quarter’s $187.4 million.
Overview The Phoenix industrial sector is in the strongest shape it has been in over 5 years. Most market indicators are pointing in the right direction. Despite some uncertainty on the national political stage, investors, small business owners and lenders alike are ready to moving forward. Arizona’s economy has been rebounding well. With abundant land, low development costs and an aggressive campaign to lure out-of-state businesses here, the outlook looks strong.
Q1 2013 TOP LEASES
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4.6M5.4M
7.4M
4.3M
3.5M3.0M
1.02.03.04.05.06.07.08.0
Q211
Q311
Q411
Q112
Q212
Q312
LEASING ACTIVITYin total SF leased
$0.45$0.46$0.47$0.48$0.49$0.50$0.51$0.52
Q411
Q112
Q212
Q312
Q412
Q113
$0.49$0.50
$0.51 $0.51 $0.51 $0.51
RENTAL RATESAverage per SF, per month
Q1 2013 TOP SALES
1.50
2.50
3.50
4.50
5.50
6.50
Q411
Q112
Q212
Q312
Q412
Q113
3.1M3.6M 3.4M
4.0M
4.8M
5.7M
CONSTRUCTION ACTIVITYin millions of SF
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Q12013PHOENIX INDUSTRIAL MARKET REPORT
The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Lee & Associates Arizona has not independently verifi ed its accuracy. Lee & Associates Arizona makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fi tness for a particular purpose.
Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice.
Further, data sources are continually revised and re-benchmarked, causing both historical and for-ecast information, data and analysis to change as new information is added. Third-party data sources: CoStar Group, Inc., Institute for Supply Management, Moody’s Economy.com, Nielsen/Claritas, Real Capital Analytics, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, U.S. Census Bureau, U.S. Department of Commerce.
Industrial market statistics are compiled using a third-party database for the analysis of over 8,700 distribution, fl ex, manufacturing and warehouse buildings in the Phoenix Metropolitan Area.
© Copyright 2013 Lee & Associates Arizona. All rights reserved.
ABOUT LEE & ASSOCIATES Founded in 1979, Lee & Associates is oneof the largest commercial real estate services companies in the United States with 46 offi ces. Our seasoned shareholders and professionals offer comprehensive brokerage and advisory services. We develop customized solutions for all of your real estate needs through our market-to-market knowledge and versatility across all property types. Our unique business model of broker-ownership and extensive experience has helped us become one of the largest and most highly regarded commercial real estate provid-ers in Arizona and the nation.
Total Net Absorption Under Asking
Submarkets Inventory Total SF Q113 Q113 YTD Total Construction Q113 YTD NNN Rate
Sky Harbor Airport Area
Distribution/Warehouse 31,868,406 3,731,658 11.7% 249,798 249,798 30,000 - - $0.43Manufacturing 8,878,988 1,181,034 13.3% (80,040) (80,040) - - - $0.43Flex 4,890,406 766,737 15.7% 12,190 12,190 155,000 - $0.84Total 45,637,800 5,679,429 12.4% 181,948 181,948 185,000 - - $0.51
Northeast Valley
Distribution/Warehouse 7,260,812 774,436 10.7% 18,228 18,228 - - - $0.75Manufacturing 3,054,410 71,684 2.3% 73,905 73,905 - - - $0.52Flex 5,242,430 1,076,120 20.5% (8,395) (8,395) - - - $0.67Total 15,557,652 1,922,240 12.4% 83,738 83,738 - - - $0.79
Northwest Valley
Distribution/Warehouse 36,232,060 3,257,313 9.0% 326,229 326,229 418,000 - - $0.48Manufacturing 10,737,089 767,328 7.1% 115,987 115,987 164,000 - - $0.54Flex 6,500,742 1,557,687 24.0% 172,766 172,766 - - - $0.94Total 53,469,891 5,582,328 10.4% 614,982 614,982 582,000 - - $0.65
Southeast Valley
Distribution/Warehouse 46,796,680 5,822,179 12.4% 260,767 260,767 - 315,992 315,992 $0.52Manufacturing 22,674,047 2,104,970 9.3% 163,019 163,019 1,285,000 - - $0.56Flex 14,478,845 2,746,015 19.0% 85,556 85,556 91,700 131,800 131,800 $0.88Total 83,949,572 10,673,164 12.7% 509,342 509,342 1,376,700 447,792 447,792 $0.61
Southwest Valley
Distribution/Warehouse 63,390,995 6,188,696 9.8% 198,061 198,061 3,592,079 - - $0.34Manufacturing 11,756,731 2,228,453 19.0% 72,609 72,609 - - - $0.31Flex 1,342,597 378,012 28.2% 2,984 2,984 - - - $0.74Total 76,490,323 8,795,161 11.5% 273,654 273,654 3,592,079 - - $0.32
Total Submarkets
Distribution/Warehouse 185,548,953 19,774,282 10.7% 1,053,083 1,053,083 4,040,079 315,992 315,992 $0.34Manufacturing 57,101,265 6,353,469 11.1% 345,480 345,480 1,449,000 - - $0.45Flex 32,455,020 6,524,571 20.1% 146,265 146,265 246,700 131,800 131,800 $0.88Phoenix Metro 275,105,238 32,652,322 11.9% 1,544,828 1,544,828 5,735,779 447,792 447,792 $0.51
Vacancy Building Completions
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Airport Area Submarket - N. Airport - S. Airport N. of Roeser - S. Airport S. of Roeser - SC. N. of Salt River - SC. S. of Salt River Northeast Submarket - Central Phoenix - Scottsdale Airpark - S. Airport S. of Roeser - Scottsdale/Salt River Northwest Submarket - Deer Valley/Pinnacle Peak - Grand Ave. - N. Black Canyon - N. Glendale/Sun City - W. Phx N. of Thomas Rd. - W. Phx S. of Thomas Rd. Southeast Submarket - Chandler - Chandler Airport - Chandler N./Gilbert - Falcon Field/Apache Junction - Mesa - Tempe East - Tempe Northwest - Tempe Southwest Submarket - Goodyear - SW. N. of Buckeye Rd. - SW. S. of Buckeye Rd. - Tolleson
3200 E. Camelback Road, Suite 100, Phoenix, AZ 85018Offi ce: 602.956.7777 | Fax: 602.954.0510
Contact a Lee & Associates broker who can provide you with the most comprehensive mar-ket knowledge and expertise in the business. We specialize in:
Build-to-Suit- For Lease- For Sale- Facility Specifi cation- Bidding & Design Build Construction- Expansion Planning
Fair Market Value Analysis- Valuation of Land
- Valuation of Buildings and - Other Improvements
Financial Analysis of Alternatives- Comparing Alternative Proposals- Purchase vs. Lease Analysis- Existing Building Search
Site Search- Site Selection Criteria- Development & Analysis
Sale-Leaseback- Institutional Investors- Private Investors
Disposition of Existing Buildings- Locally & Nationally - REO & Distressed-Asset - Valuation & Sales
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PHOENIX INDUSTRIALMARKET REPORT Q12013
Report prepared by: Matt DePinto, Senior Research AnalystFollow us on:
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PHOENIX INDUSTRIAL SUBMARKET CLUSTERS
60
80
100
120
140
160
$50.0$100.0$150.0$200.0$250.0$300.0$350.0
Q411
Q112
Q212
Q312
Q412
Q113
SALES VOLUMEin millions of SF
Sales Volume No. of Transactions