Inc. recently sold for $135 million, or about $112 per square foot.
"When the capital markets started getting a little choppy, as interest rates started to rise earlier this year, that definitely caused some very active investors to put their pencils down for a little bit," Sonnenberg told the Business Journal."When we put it on the market, we got less offers than maybe a building that was sold a year ago, but it was quality buyers who were serious.
"We knew cash buyers would be less impacted by the rising interest rate environment, so we were able to pretty quickly narrow the list down," he added."LaSalle is one that has one of the best reputations in the country in that category."The Cubes at Glendale is a 335-acre industrial park with speculative and build-to-suit industrial projects. At full build-out, the facility will total 5.
"That leaves us with about 108 acres of development-ready land," he said."We're just finishing up all of the infrastructure for the park, all the road widenings, utilities, all of that is completed for the entire master development."The acquisition of the 75-acre Williams-Sonoma property marks one of the highest industrial sales this year as investment continues to increase in the Phoenix metro.
In the second quarter of this year, Colliers International's industrial report said that investment sales volume was double the sales volume for the same quarter last year. Q2 of 2022 ended at $1.39 billion in sales volume for the Valley.
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