Cushman & Wakefield arranges sale of newly renovated 89,417 SF industrial facility in Phoenix for $23 million

Cushman & Wakefield announced the firm has brokered the sale of an 89,417-square-foot freestanding industrial building in Phoenix, Arizona. Located at 4150 South Riverpoint Parkway in the Airport submarket, the building was originally built in 2002 but recently completed a significant renovation to the property’s interior and exterior.

The property was acquired by FM INDUSTRIES®, Inc. (FMI), a premier manufacturing solutions provider, for approximately $23 million. FMI, which operates several other manufacturing facilities in Northern California and Arizona, will occupy the entire facility.

Cushman & Wakefield’s Phil Haenel and Foster Bundy of the firm’s Private Capital Group in Phoenix represented the seller, Stonelake Capital Partners, a privately owned, fully integrated real estate investment company based in Texas. The firm’s Mike Haenel and Andy Markham also provided leasing advisory.

“This was a fantastic acquisition opportunity for an owner/user to acquire a high-quality and extremely well-located industrial asset in the Airport submarket that has been upgraded to more modern standards and is readily occupiable,” said Executive Managing Director Phil Haenel. “This transaction reflects the continued demand that Phoenix is seeing from occupiers—both tenants and owner/users.”

4150 South Riverpoint Parkway provides immediate access to Phoenix Sky Harbor International Airport as well as I-10, I-17 and SR-143 freeways. The building features 100% HVAC warehouse, nearly 19,400 sf of office space, 24’ clear height, seven grade level doors, ESFR sprinklers and ample 5/1000 parking.

According to Cushman & Wakefield’s latest market stats, the Phoenix Metro industrial market has experienced a robust thirteen and a half consecutive calendar years (2010 through Q2 2023) of positive net absorption totaling ±137 million square feet of growth. Phoenix’s industrial market vacancy was a healthy 4.4% in Q2 2023 with a solid 7.1 million square feet of occupancy growth through the first half of the year. The South Airport submarket, where the property is located, posted a vacancy rate of 4.3% as of Q2 2023.