Overton Moore Properties announces the acquisition of a 127,680 square foot warehouse facility located at Freeport Center, 420 S. 53rd Ave., Phoenix for $6.95M by Willie Itule Produce Inc.
The price included a 2.09 acre land parcel adjacent to the building. The property was 50% leased at the time of sale. The recently closed transaction marks OMP’s first acquisition in the Phoenix market.
Willie Itule Produce offers a full line of produce.
OMP acquired this asset under its newly formed venture with Pacific Coast Capital Partners and an institutional partner. The venture is committed to acquire $80 to $100 million of industrial real estate in the Phoenix market within the next two to three years. “This was an excellent opportunity to acquire a well located asset with value-add opportunity through the lease up of the existing vacancy and either developing or selling the excess land,” noted Jason Hines, Vice President of OMP. “We hope this is the first of many value add acquisitions in the Phoenix market,” Hines commented.
The Koss/Louer Team, featuring principals Stein Koss and Tom Louer of Lee & Associates Arizona represented both the seller, Jerry Ivy Trust and OMP. “It was a great experience working with OMP and we were glad to see that this property worked from an investment standpoint,” said Koss. “This property makes a strong statement as their first purchase in this market.”
Built in 1987, the building features 30′ clear height, dock high loading, heavy industrial (A-2)zoning and a secured yard with fencing around the entire property. The property features an active Union Pacific rail spur on the west side of the site. Freeport Center is located in the heart of the Southwest Valley industrial market and is close to Interstate 10.