Albany Road Real Estate Partners has recently acquired a property in the Deer Valley submarket of Phoenix for $22.4 million. The four-building, multi-tenant light industrial complex spans 110,000 square feet and is currently 95% leased to a diverse range of industries, including those related to the semiconductor industry. This strategic investment is located near the proposed $40 billion Taiwan Semiconductor Manufacturing Plant.
The complex sits on 5.7 acres along North 15th Avenue and boasts easy access to major highways such as I-17 and Loop 101, providing convenient connections to I-10.
Baron Properties was represented by a team from Cushman & Wakefield led by Will Strong during this transaction.
According to recent market statistics from Cushman & Wakefield, Phoenix Metro’s industrial market had a healthy vacancy rate of only 4.4% in Q2 of2023 with an impressive occupancy growth of over seven million square feet in the first half of that year alone. In comparison, vacancy rates were even lower at just1 .9% for Northeast Valley where this asset is situated.
This acquisition marks another successful venture for Albany Road Real Estate Partners as they continue their expansion into key markets across the country.
