CORFAC News

Phoenix, AZ - Commercial Properties, Inc. (CPI), Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of the Cambridge Industrial Building in Phoenix, AZ.  

The building is approximately 20,851 SF and is located at 3617 W Cambridge Avenue in the Park Thomas Business Center, near 37th Avenue and Thomas Road. Jeff Hays and Alex Kaufmann of CPI’s Industrial Team represented the owner, CRUX Development LLC.  One of CPI's CORFAC International affiliates, Mike Ewing with The Andover Company in Seattle, Washington represented the buyer, MCEWE LLC.

Hays commented, "The property is 94% leased and is an 8.6% cap rate on stabilized rents.  Arizona Department of Juvenile Corrections is one of the four tenants located in the building."  

The purchase price was $1.75 million.

Jeff Hays may be contacted for additional information at jhays@cpiaz.com or 480.889.2552.

About Commercial Properties Inc./CORFAC International
CPI is a CORFAC International affiliate, full-service Brokerage and Property Management firm for all product types. Headquartered in Tempe, the company has more than 50 brokers and occupies two offices locally. Currently, CPI's listings include over 20 million square feet for sale/lease, and 179 projects under property management, totaling over 6.2 million square feet. Please visit our web site at www.cpiaz.com.