90%-Leased Industrial Site Brings $350,000

MESA, AZ-A 12,000-sf industrial building has been acquired for $350,000 or $29 per sf. Carlton Property Management LLC of Phoenix is the buyer of the property at 424 S. Gilbert Rd. in Mesa.

The building is positioned at the southeast corner of Gilbert and Broadway roads, about 1 1/2 miles north of Superstition Freeway. It was 90% leased at sale time to three tenants, the largest of which is Harmon Glass, a windshield replacement company.

The Mesa area is one of the better performing submarkets in the Valley, with positive year-to-date net absorption of more than 83,000 sf. At the start of the fourth quarter, the vacancy rate for industrial space in the Mesa-Gilbert was 6.5% in comparison to an overall 8.7% in the Valley. The strongest demand in Mesa is for general industrial space, which has a vacancy rate of just 5.1%.

Colorado investor Gene Goldsworth is the seller. Tony Ardizzone of Grubb & Ellis Co.’s Phoenix office handled both sides of the transaction.