BROKER OPINION OF VALUE & MARKETING PLANpdf.leeazmail.com/pdfs/Cheney/BOV - 4380 W Lower...

BROKER OPINION OF VALUE &

MARKETING PLAN

4830 W. Lower Buckeye Road

Phoenix, AZ 85043

Prepared For:

Mr. Anil Nagu,

Group Head – Strategy & Finance

Prepared By:

Andrew Cheney, Principle

Chris McClurg, Principle

3200 E CAMELBACK ROAD

SUITE 100

PHOENIX, AZ 85016

MARCH 2017

LEE & ASSOCIATES | BROKER OPINION OF VALUE

TABLE OF CONTENTS

4380 W. Lower Buckeye Road, Phoenix, AZ 85043

I. Subject Property Property Information Photos Aerials

II. Lee & Associates Arizona Services and Benefits Marketing Team Resumes References

III. Marketing Strategy Marketing Overview Marketing Strategy/Process Prospecting

IV. Land Sale Comparables Sale Comparables Lease Comparables IV. Broker Opinion of Value Recommendations

V. Industrial Market Report

ANDREW CHENEY PRINCIPAL 602.954.3769 [email protected] CHRIS MCCLURG PRINCIPAL 602.954.3766 [email protected] LEE & ASSOCIATES ARIZONA 3200 E. Camelback Road, Suite 100 Phoenix, AZ 85018

602.956.7777

www.leearizona.com

SUBJECT PROPERTY

LEE & ASSOCIATES BROKER OPINION OF VALUE

SUBJECT PROPERTY

4380 W. Lower Buckeye Road, Phoenix AZ 85043

PROPERTY:

4380 W. Lower Buckeye Rd Phoenix, AZ 85043

BUILDING SIZE:

±34,955 SF (warehouse) *Size based on Maricopa County Assessor Office

LOT SIZE:

3.88 Acres *Includes 1.68 acre lot to the west, which could be used for building expansion.

TYPE:

Industrial/Freestanding

LOADING:

(1) Grade level (3) Truckwells

YEAR BUILT:

2007

BUILDING CONSTRUCTION:

Block Construction

CLEAR HEIGHT:

24’-26’

ZONING:

A-1

POWER:

N/A

PROPERTY TAXES:

$40,979.15 (2016)

PARCEL NUMBER:

104-42-005

COMMENTS: » Freestanding building with great ingress and egress

» Excellent Lower Buckeye Rd visibility

» Industrial park location

» Facility only ten years old

» Guarded and patrolled business


SUBJECT PROPERTY



SUBJECT PROPERTY



SUBJECT PROPERTY



SUBJECT PROPERTY


LEE & ASSOCIATES ARIZONA




Lee & Associates Arizona specializes in providing exceptional brokerage services for the industrial, office,

multifamily, investment and land sectors of the Phoenix commercial real estate market. Our office was

established in 1991 and is now recognized as one of the most successful brokerage firms in the nation.

Every principal broker is an owner of the Arizona office, which means each broker is personally driven to

delivering excellent results for its clients. Each of our 57 nationwide Lee & Associates offices is locally

owned and combined with a powerful platform from the national Lee & Associates network.

Our philosophy is that clients are better served by giving talented

Brokers a collaborative rather than competitive work environment.

Lee & Associates knows real estate. We help clients large and small navigate the complexities of the

commercial real estate industry. Whether you need help finding, acquiring, selling, leasing, managing or

consulting, you’ll benefit from our careful approach. Before offering any recommendations, we learn

about your business goals to ensure that our strategies are in sync with your objectives.

Our clients include the largest developers and holders of real estate in the marketplace. Clients differ as

greatly in size as they do in variety, ranging from Fortune 100 companies to small, family-owned

business. We use our knowledge and experience to support each client’s goals. In fact, our principals

have completed over $15 billion in transaction volume in the past twenty-five years.

We leverage a national platform with local market

expertise to provide customized real estate solutions.




SERVICES AND BENEFITS We have aggressively assembled a team of top professionals – brokers from various disciplines backed

by highly knowledgeable experts. Our skills can be applied across the breadth of industrial and

commercial applications from manufacturing plants to high-rise office properties, multi-family housing

portfolios, bulk warehouse/distribution facilities to mixed-use projects, retail representation, land

development and more.

As Lee & Associates Arizona, we deliver a breadth and quality of service that is unparalleled in the

industry. We are uniquely focused on the needs and trends of corporate real estate and have

developed an extensive array of services to benefit our corporate clients. The entire process follows an

organized and methodical approach to ensure ownership of the best possible economic deal terms

through the least amount of risk and time. This process is tailored to your objectives and requirements.

The result is a smooth and efficient transaction and a sold-out project.

We capture value. We perform financial due diligence,

gather market intelligence, and pay attention to detail.

We do it all so our clients realize rewards.

PROJECT MARKETING AND LEASING

SERVICES

Evaluate the Project and surrounding submarket(s)

Create Marketing Strategy

Identify and Pursue Target Prospects

Financial Proposal Analysis/Lease Analysis

Negotiation Strategy Development & Implementation

BENEFITS

Maximize Value of Real Estate

Optimal Solutions to Meet Sale Objectives and/or Cash Flow Projections

Expertise of a Professional Real Estate Consultant at your Fingertips

Single Point of Contact and Accountability




RESEARCH DEPARTMENT CAPABILITIES The Lee & Associates research department provides our clients with the most extensive research

capabilities available. Our research analyst and team provide brokerage with the most relevant

market information through market analysis, mapping and forecasting. Quarterly market reports and

studies are produced using the latest third-party databases. Additionally, the department provides

public relations and social media outreach, marketing proposals, broker opinions-of-value, binding

and packaging and other marketing services

Quarterly Market Reports

Market Rate Comparisons

Submarket Comparisons

Financial Analysis

Sale/Lease Comparables

Ownership/Tenant Information

Property Features

Demographics

CoStar/Loopnet

L & A Website

Comprehensive Email Marketing

Social Media/Press Releases

Proposals

Presentations

Property Brochures

Marketing Collateral

MARKET STUDIES

BROAD DATABASE

INTERNET/ MEDIA

DESKTOP PUBLISHING

cheney

Principal

office 602.954.3769

cell 602.488.4000

fax 602.954.0510

[email protected]

3200 E. Camelback Rd.

Suite 100

Phoenix, AZ 85018

www.coppolacheney.com

PARTIAL CLIENT LIST » Aegon USA

» Buchanan Street Partners

» ViaWest Group

» Furst Properties

» HDR Engineering

» Valley of the Sun United Way

» JDA Software Group

» CopperPoint Mutual Insurance

» Motorola, Inc.

» The Noblitt Group

» May Potenza Baran & Gillespie

» Dickinson Wright

» Ryan Companies

» Opus

» U.S. Bank Corp.

» Lincoln Property Company

» Oaktree Investment

» Mark IV Capital

» Kutak Rock Law Firm

» USAA Real Co.

» Piedmont Office Realty Trust

» McCarthy Cook

» Regent Properties

» Plaza Companies

» Holualoa

» ASU Foundation

» Griffin Partners

» VanTrust

» Everest Holdings

Specializing in

brokerage

PROFILE Mr. Cheney specializes in the representation of landlords and tenants, focusing on the leasing and sales of office properties in the metropolitan Phoenix real estate market. A second generation Arizonan, Mr. Cheney’s extensive experience includes representing national tenants such as Motorola, JDA Software and HDR Engineering. Mr. Cheney is deeply committed to the industry and takes active leadership roles within elite organizations such as CCIM and NAIOP. He is one of 17 professionals in Arizona who hold both CCIM and SIOR designations. Mr. Cheney is one of 8 exclusive members of the national tenant representation arm of Lee & Associates, Lee Corporate Solutions.

CAREER SUMMARY Mr. Cheney has completed over 900 transactions totaling over 3 million square feet valued in excess of $1 billion. Notable Recent Transactions Include: » Valley of the Sun United Way 33,000 SF » U.S. Bank Arizona HQ 30,000 SF » U.S. Food Service at River Corporate Center 133,000 SF » Cole Real Estate Investments at 24

th & Camelback 112,000 SF

» SXC Healthcare at Thistle Landing 65,000 SF » GM Financial at Chandler Forum 150,000 SF Notable Awards Include:

» 2013 Class of 40 under 40 - Phoenix Business Journal » 2011 NAIOP National Developing Leader of the Year » 2010 NAIOP Arizona Chapter Emerging Broker of the Year » Former world ranked professional tennis player » Four-time U.S. Men’s Open Division Father/Son Doubles Champion » Formerly ranked #88 in the United States Tennis Association

EXPERIENCE • 2003 to present: Lee & Associates / Principal • 2000 to 2003: ITF Professional Tennis Tour

EDUCATION • Bachelor of Science in Civil Engineering, University of California at Irvine

• State of Arizona Real Estate License

COMMUNITY INVOLVEMENT • NAIOP Arizona Board Member • NAIOP Arizona Executive Committee • 2016 Awarded Counselors of Real Estate (CRE) • Certified Commercial Investment Member • Member of Society of Office and Industrial Realtors • One of less than 45 world-wide to hold the above 3 designations • Guerrant Foundation Board Member (Microcredit Lending) • Phoenix Men’s Art Council • FBI Citizens Academy Graduate and Alumni Association Member • Arizona CCIM Chapter Past Board Member

• Past Lee & Associates Board Member

Lee & Associates - Arizona, Inc. | Your Local Market Experts | www.leearizona.com A Member of the Lee & Associates Group of Companies

INDUSTRIALSpecializing in

brokerage

chris mcclurg

PARTIAL CLIENT LIST » BBVA Compass Bank » Bucci Development Limited » Central Arizona Supply » Drive Time » Comfort Systems USA » Dillards Corporation » EJM Development » First Industrial Trust » Karl Suss Semi-Conductor » LGE Design Build » Magee Homes » Metro Commerical Properties » Motorola » National Bank of Arizona » PS Business Parks/Storage » Roper Industries » Sun State Builders » US Post Office » United Parcel Service » Via West Properties » Wal-Mart Corporation » Wells Fargo Bank

Principal

office 602.954.3766cell 602.741.2665fax 602.954.0510

[email protected]

3200 East Camelback RoadSuite 100

Phoenix, Arizona 85018

PROFILE

Mr. McClurg is a licensed Arizona Real Estate Broker and a graduate of the University of Tennessee. Mr. McClurg specializes in the representation of landlords and tenants specializing in the leasing and sales of industrial/flex properties and land in the Metropolitan Phoenix real estate market. Mr. McClurg’s extensive knowledge of the Metropolitan Phoenix market is complemented by thorough analysis and marketing skills involving tenant relocation, tenant expansion, lease negotiations, market analysis and property marketing. These qualities, along with a strong work ethic, have enabled him to become a respected presence within the market.

CAREER SUMMARY

As a Commercial Real Estate Advisor for Lee & Associates, Mr. McClurg has represented the interests of multiple landlords, developers and tenants within Metropolitan Phoenix. The most noted of which include:

» Wells Fargo Bank 700,000 sq. ft. » Wal-Mart Corporation 500,000 sq. ft. » Silagi Development 418,000 sq. ft. » LGE Design Build 300,000 sq. ft. » Papa Johns 220,000 sq. ft. Mr. McClurg has completed over 830 transactions totaling over 14,738,643 square feet valued in excess of $453 million.

EXPERIENCE

• 1994 to present Lee & Associates Arizona

ACHIEVEMENTS

• Lee & Associates Board Member - 2009 to 2011

• Top 5 Producer - 2006, 2007, 2011, 2012, 2013, 2014, 2015 and 2016

EDUCATION

• Bachelor of Science, Liberal Arts University of Tennessee, Knoxville, TN

PERSONAL ACHIEVEMENTS

• President, Tri-Scottsdale (not for profit organization) - 2012 to present

• US Triathlon All-American - 2004 to 2014




REFERENCES

Mr. Randy Stalworthy RRS & Co. 21 E. 6th Street, Suite 706 Tempe, Arizona 85281 (480) 305.1956

Mr. Damian Bailey Cabot Industrial One Beacon Street, Suite 1700 Boston, MA 02108 (617) 305-6144

Ms. Janet Herlyck Metro Commercial Properties 1500 N. Priest Drive #132 Tempe, Arizona 85284 (602) 452.2584

Mr. Sean Babson Hewson Development 4636 E. University Phoenix, Arizona 85040 (480) 829.1773

Mr. David Sellers LGE Design Build 70 N. 52nd St. Phoenix, AZ 85008 (480) 966.4001

Mr. Tony Hepner Metro Commercial Properties 1500 N. Priest Dr. #132 Tempe, AZ 85271 (602) 452-2575

Mr. Jeff Foster Prologis 4555 E. Elwood Phoenix, AZ 85040 (480) 379-9919

Ms. Christine Mackay City of Phoenix Economic Development Officer 200 W. Washington Street, 20th Floor Phoenix, AZ 85003 (602) 261.8709

MARKETING STRATEGY


MARKETING STRATEGY


Marketing and selling industrial property

in a competitive and price-conscious

environment requires a myriad of skills,

market knowledge, insight and networking.

Success is a function of exposure to active

developer/buyer requirements, coupled

with a well-thought out strategy to identify

prospects. With over 30 years of sales

experience in this submarket, our Lee team

has the specific Surprise area experience

and focus to handle this assignment

complimented by a well-established track

record of success.

PROSPECTING

The team is committed to contacting developers, investors and build to suit opportunities that are

focused in this area. The Surprise market is a well-established, desirable location for light industrial

users that have proven capable of attracting businesses from within this submarket and beyond. The

team is committed to contacting developers and users in proximity to 4830 W. Lower Buckeye Road,

as well as all brokers, and will continue our efforts on a park-by-park basis. Our years of marketing

properties to end-users and brokers in this submarket bring familiarity with this Tenant base and

decision makers.

In addition to geographic calls, we will target specific industries that can utilize the features of the

property.

Immediately, we will focus on:

Investors/users who can see an advantage of a sale/leaseback and have room on site

Local and national industrial speculative developers

Neighboring land owners

Use industry specific SIC codes for build to suit opportunities


MARKETING STRATEGY


DEAL-MAKING ABILITY

Integral to the success in the selling of the Foxfire property is the reputation and deal-making skills of the

Lee & Associates marketing team with their prospective owners/clients. Equally as important as "seeing"

deals is the ability to make them. The team has significant experience being the local "eyes and ears" of

building owners and developers and guide them towards the highest possible value. As the overall metro

market continues to gain momentum, this guidance will become imperative. Lee & Associates will provide

quality comparables, analyze each transaction and get “inside” every deal we compete for. Our

standard response is a call back within two hours and instant flyer/project information with the vertically

integrated team described previously.

BROCHURES

The Lee & Associates team will develop a comprehensive

brochure that consists of detailed aerials and maps that

show the property’s proximity to Grand Avenue & Loop

303. At the same time, this allows other brokers and

buyers to have more specific information on the facility

and provides potential tenants insight into the property.

The overall brochure will be offered in hard copy, e-copy

and downloads via CoStar, Loopnet, Xceligent.

SIGNAGE

The Lee team will strategize to place the signs in the correct locations, such as hard corners for direct

visibility by traffic, all entrances to the park should have specific signs and visible signage.

Overall, signage and brochures are imperative for a successful and effective marketing campaign.

The Lee & Associates team recognizes this importance and will prioritize both of these items.

MAILINGS

Perhaps the most effective (and often underutilized) method of prospecting is direct mailings to end-

users. The team will create a quality marketing brochure similar to the draft included herein. This

brochure and fact sheet will be used in mailers to prospects for the Project. The key to success in any

mailing campaign is follow-through. The team will conduct follow-up calls to the decision markets and can

provide detailed feedback to ownership. This also serves as accountability and ensures ownership that calls

are being made for the property.


MARKETING STRATEGY


BROKER COMMUNICATION

In addition to the marketing efforts, we will enlist the brokerage community to help us absorb the

availability. Once the marketing materials have been developed, we will:

Send bi-monthly e-mails to the brokers of all major brokerage firms:

WEB-BASED MARKETING

Although there is no such thing as “MLS” for commercial real estate, more and more brokers are using

Internet databases such as CoStar and LoopNet to do availability surveys for their requirements.

Although these databases are not the primary tools used to market opportunities, it is vital to have the

information accurately listed on these sites that are used by so many brokers when they have requirements.

The marketing team at Lee & Associates will be sure to keep the major web-based property databases

informed and updated on all pertinent information and space availability at the Project.

LAND SALE COMPARABLES

1 5724 W Buckeye Rd SOLD

Phoenix, AZ 85043 Maricopa County

Old West Insurance LLCRecorded Buyer: Recorded Seller: Equipment Storage Yard, LLC

2050 S 59th Ave

Phoenix, AZ 85043

(602) 283-2000

True Buyer: Old West Insurance LLC

7475 S Brighton Crt

Queen Creek, AZ 85142

(480) 782-5296

Lemmermann Family RevocableTrust

True Seller:

Sale Date:

– Research Status:

PrFrma Cap Rate:

Sale Price:

$166.67

$875,000 - Confirmed

01/19/2016 Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

104-19-004C

$550,000 from First Fidelity Bank

Confirmed

SpecialtyContractor Storage YardBuilt 1974 Age: 42

5,250 SF

A-1

Land Area: 2.93 AC (127,631 SF)Price/SF:

3495736Comp ID:

Map Page: Wide World of Maps,Inc. 147-158LW

2 5037 W Lower Buckeye Rd SOLD


Roehl Properties of Arizona LLCRecorded Buyer: Recorded Seller: 51st Avenue West Lower BuckeyeLLC1916 E 29th St

Marshfield, WI 54449

(715) 591-3795

True Buyer: Roehl Transport Inc

11292 Western Ave

Stanton, CA 90680

(714) 826-9049

CR&R Waste and RecyclingServices

True Seller:

Sale Date:


Density:

Sale Price:

Topography:

$269,045.91 ($6.18/SF)


12/03/2015 Land Area:

Zoning:

Sale Conditions:

Lot Dimensions:

Proposed Use:

-

Level

Parcel No:

Financing:

104-44-032A, 104-44-033

Down payment of $974,000 (100.0%)

Confirmed

3.62 AC (157,687 SF)-

Industrial

A-1, Phoenix

-

$/AC Land Gross:

3454123Comp ID:

Map Page: Wide World of Maps,Inc. 147-159LX

3 NEC 55th Ave & Buckeye - Vacant Land SOLD


Krosstown Investments, LLCRecorded Buyer: Recorded Seller: University of Oregon Foundation

2402 S 24th St

Phoenix, AZ 85043

(602) 252-9224

True Buyer: Sun Valley Enterprises

1217 University of Oregon Dev.

Eugene, OR 97403

(541) 302-0288

University of Oregon FoundationTrue Seller:

Sale Date:


Density:

Sale Price:

Topography:

$166,666.67 ($3.83/SF)


09/16/2015 (2592 days on mkt) Land Area:

Zoning:

Sale Conditions:

Lot Dimensions:

Proposed Use:

-

-

Parcel No:

Financing:

104-20-013, 104-20-014

Down payment of $700,000 (100.0%)

Confirmed

4.20 AC (182,952 SF)-

Industrial

A-1

-

$/AC Land Gross:

3394912Comp ID:

Copyrighted report licensed to Lee & Associates - 752216. 3/31/2017

Page 2

4 4565 W Watkins St SOLD


301 L & D LLCRecorded Buyer: Recorded Seller: Lower Buckeye Industrial Park LLC

7731 N 68th Ave

Glendale, AZ 85303

True Buyer: Daniel & Leane Owen

1050 W Washington St

Tempe, AZ 85281

(480) 894-1286

Sun State BuildersTrue Seller:

Sale Date:


Density:

Sale Price:

Topography:

$170,884.18 ($3.92/SF)


05/26/2016 Land Area:

Zoning:

Sale Conditions:

Lot Dimensions:

Proposed Use:

-

Level

Parcel No:

Financing:

104-42-016

$4,300,000 from Wells Fargo Bank N.A.; Construction loan type

Confirmed

3.92 AC (170,755 SF)-

Industrial ...

I-1

-

$/AC Land Gross:

3606401Comp ID:

5 NE Watkins St & 51st Ave - 2.86 Acres Industrial Land SOLD


5050 W Watkins Street LLCRecorded Buyer: Recorded Seller: International Dealcor OperationsLTD17800 N Perimeter Dr

Scottsdale, AZ 85255

True Buyer: Scottsdale InvestmentManagement

2701 Navistar Dr

Lisle, IL 60532

NavistarTrue Seller:

Sale Date:


Density:

Sale Price:

Topography:

$115,316.07 ($2.65/SF)


09/10/2015 (1141 days on mkt) Land Area:

Zoning:

Sale Conditions:

Lot Dimensions:

Proposed Use:

-

Level

Parcel No:

Financing:

104-41-069A

Down payment of $330,000 (100.0%)

Confirmed

2.86 AC (124,582 SF)Irregular

Industrial ...

A-1, Phoenix

-

$/AC Land Gross:

3388685Comp ID:

Map Page: Wide World of Maps,Inc. 147-159LW


Page 3

1 2 N 35th Ave - South Bldg Washington Square SOLD


35th Ave Investments LLCRecorded Buyer: Recorded Seller: H35 Building LLLP

2426 S 24th St

Phoenix, AZ 85034

17700 N Pacesetter Way


Harvard InvestmentsTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$50.70

$1,881,000 - Confirmed

04/21/2016 (372 days on mkt) Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

106-22-005, 106-22-006

Down payment of $581,000 (30.9%); $1,300,000 from Private Lender

Confirmed

Class C IndustrialBuilt 1979 Age: 37

37,099 SF

A-2


3577993Comp ID:

2 3950 W Adams St - Bldg 4 SOLD


Gardner Ennis, LLCRecorded Buyer: Recorded Seller: Ranchland Holdings II, LLC

4701 E 7th Ave

Tampa, FL 33605

(813) 248-2441

2812 N Norwalk St

Mesa, AZ 85215

(480) 898-9090

Reeb GroupTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$71.00



Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

106-16-013A

Down payment of $626,500 (21.8%)

Confirmed

Class B IndustrialWarehouseBuilt 1979 Age: 37

40,409 SF

A-2, Phoenix


3640798Comp ID:

Map Page: Wide World of Maps,Inc. 147-160LV

3 5302 W Mohave St - Lynndale Stainess Service Inc SOLD


Jerzy Properties LLCRecorded Buyer: Recorded Seller: Lynndale Stainless Services, Inc.

1825 Swarthmore Ave

Lakewood, NJ 08701

(732) 905-0957

5302 W Mohave St

Phoenix, AZ 85043

(602) 269-5070

Lynndale Stainless Services, Inc.True Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$50.00


06/08/2015 Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

104-25-010A

Down payment of $500,000 (25.0%); $1,500,000 from Wells Fargo Bank

Confirmed

Class C IndustrialWarehouseBuilt 1988 Age: 27

40,000 SF

I-1


3317225Comp ID:


Page 2

4 3939 W Washington St - MSC SOLD


Fuel Stops Land &Development, LLC

Recorded Buyer: Recorded Seller: Jackwarren LLC

4895 S Airport Way

Stockton, CA 95206

(209) 465-3421

3939 W Washington

Phoenix, AZ 85001

Msc Distributing IncTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$94.53


12/15/2016 Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

106-22-042

Down payment of $1,225,000 (31.8%); $2,625,000 from Farmers & Merchants Bank of Central California

Confirmed

Class B IndustrialDistributionBuilt 2002 Age: 14

40,728 SF

I-2


3780718Comp ID:




MBEA Partners LLCRecorded Buyer: Recorded Seller: Chamberlain Development LLC

820 S Vintage Ave

Ontario, CA 91761

(951) 551-8170


Tempe, AZ 85281

(480) 894-1286


Sale Date:


PrFrma Cap Rate:

Sale Price:

$75.37


05/13/2016 Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

104-42-014

$1,671,396 from JPMorgan Chase Bank$1,337,117 from JPMorgan Chase Bank$1,378,000 from Ampac Tri-StateCDC Inc

Confirmed

Class B IndustrialWarehouse-

45,000 SF

A-1


3597326Comp ID:


Page 3

SALE COMPARABLES

1 2 N 35th Ave - South Bldg Washington Square SOLD


35th Ave Investments LLCRecorded Buyer: Recorded Seller: H35 Building LLLP

2426 S 24th St

Phoenix, AZ 85034

17700 N Pacesetter Way


Harvard InvestmentsTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$50.70



Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

106-22-005, 106-22-006

Down payment of $581,000 (30.9%); $1,300,000 from Private Lender

Confirmed

Class C IndustrialBuilt 1979 Age: 37

37,099 SF

A-2


3577993Comp ID:

2 3950 W Adams St - Bldg 4 SOLD


Gardner Ennis, LLCRecorded Buyer: Recorded Seller: Ranchland Holdings II, LLC

4701 E 7th Ave

Tampa, FL 33605

(813) 248-2441

2812 N Norwalk St

Mesa, AZ 85215

(480) 898-9090

Reeb GroupTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$71.00



Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

106-16-013A

Down payment of $626,500 (21.8%)

Confirmed

Class B IndustrialWarehouseBuilt 1979 Age: 37

40,409 SF

A-2, Phoenix


3640798Comp ID:


3 5302 W Mohave St - Lynndale Stainess Service Inc SOLD


Jerzy Properties LLCRecorded Buyer: Recorded Seller: Lynndale Stainless Services, Inc.

1825 Swarthmore Ave

Lakewood, NJ 08701

(732) 905-0957

5302 W Mohave St

Phoenix, AZ 85043

(602) 269-5070

Lynndale Stainless Services, Inc.True Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$50.00


06/08/2015 Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

104-25-010A

Down payment of $500,000 (25.0%); $1,500,000 from Wells Fargo Bank

Confirmed

Class C IndustrialWarehouseBuilt 1988 Age: 27

40,000 SF

I-1


3317225Comp ID:


Page 2

4 3939 W Washington St - MSC SOLD


Fuel Stops Land &Development, LLC

Recorded Buyer: Recorded Seller: Jackwarren LLC

4895 S Airport Way

Stockton, CA 95206

(209) 465-3421

3939 W Washington

Phoenix, AZ 85001

Msc Distributing IncTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

$94.53


12/15/2016 Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

106-22-042

Down payment of $1,225,000 (31.8%); $2,625,000 from Farmers & Merchants Bank of Central California

Confirmed

Class B IndustrialDistributionBuilt 2002 Age: 14

40,728 SF

I-2


3780718Comp ID:




MBEA Partners LLCRecorded Buyer: Recorded Seller: Chamberlain Development LLC

820 S Vintage Ave

Ontario, CA 91761

(951) 551-8170


Tempe, AZ 85281

(480) 894-1286


Sale Date:


PrFrma Cap Rate:

Sale Price:

$75.37


05/13/2016 Bldg Type:

Zoning:

Year Built/Age:

RBA:

-

Parcel No:

Financing:

104-42-014

$1,671,396 from JPMorgan Chase Bank$1,337,117 from JPMorgan Chase Bank$1,378,000 from Ampac Tri-StateCDC Inc

Confirmed

Class B IndustrialWarehouse-

45,000 SF

A-1


3597326Comp ID:


Page 3

LEASE COMPARABLES

Comparison Report LEASE COMPARABLESMarch 28, 2017

Building Name Submarket Tenant Trans. Date Size Term (Mos.) Rate Structure T.I. Lease Type Features Comments

Address Landlord Start Date Effective Rate Expenses

Liberty Logistics Center II,

Bldg. 1

7205 W. Buckeye Rd.

Southwest Best Buy

Liberty Property Trust

02-22-2017

06-01-2017

45,000 SF 61 Mos. Mos. 1-1 $0.000

Mos. 2-13 $0.420

Mos. 14-25 $0.430

Mos. 26-37 $0.440

Mos. 38-49 $0.450

Mos. 50-61 $0.460

Eff. Rate: $0.43

$11.00 SF NNN Dock Hi

Sprinklered

Year Built: 2017

Clear Height: 30'

ESFR

Coronado Commerceplex

IV-Building 1

1202 N. 54th Ave.

Southwest Cardinal IG

AZEJM Land Holdings

11-22-2016

11-22-2016

10,369 SF 6 Mos. Mos. 1-6 $0.410

Eff. Rate: $0.41

As-Is NNN Truckwell

Grade Level

Sprinklered

EVAP

Year Built: 2001

Ceiling Height: 24'

43rd Avenue Logistics Center

1635 S. 43rd Ave.

Southwest Nestle Waters

Cohen Asset

Management, Inc.

08-30-2016

09-01-2016

394,775

SF

180 Mos. Mos. 1-12 $0.370

Mos. 13-24 $0.379

Mos. 25-36 $0.388

Mos. 37-48 $0.398

Mos. 49-60 $0.408

Mos. 61-72 $0.418

Mos. 73-84 $0.429

Mos. 85-96 $0.439

Mos. 97-108 $0.450

Mos. 109-120 $0.462

Mos. 121-132 $0.473

Mos. 133-144 $0.485

Mos. 145-156 $0.497

Mos. 157-168 $0.510

Mos. 169-180 $0.522

Eff. Rate: $0.44

$10.00 SF NNN Truckwell

Grade Level

Dock Hi

Sprinklered

Year Built: 2013

Clear Height: 32'

Tenant expected to pay 25 million in

T.I.

ESFR.

Page 1/2

Comparison Report LEASE COMPARABLESMarch 28, 2017

Building Name Submarket Tenant Trans. Date Size Term (Mos.) Rate Structure T.I. Lease Type Features Comments

Address Landlord Start Date Effective Rate Expenses

Coronado Commerceplex IV

1202 N. 54th Ave.

Southwest The Office Liquidators

EJM Development Co.

08-30-2016

08-30-2016

13,858 SF 64 Mos. Mos. 1-1 $0.400

Mos. 2-4 $0.000

Mos. 5-16 $0.430

Mos. 17-28 $0.440

Mos. 29-40 $0.460

Mos. 41-52 $0.470

Mos. 53-64 $0.480

Eff. Rate: $0.43

As-Is NNN Truckwell

Grade Level

EVAP

Year Built: 2001

Clear Height: 24'

I-10 freeway frontage.

1202 S. 40th Ave.

1202 S. 40th Ave.

Southwest Evergreen Innovation

Group, LLC

1202 S. 40th Avenue

Becknell Investors LLC

04-15-2016

04-15-2016

73,777 SF 65 Mos. Mos. 1-5 $0.000

Mos. 6-12 $0.360

Mos. 13-24 $0.380

Mos. 25-36 $0.400

Mos. 37-48 $0.420

Mos. 49-65 $0.440

Eff. Rate: $0.38

$2.50 SF NNN Truckwell

Grade Level

Dock Hi

Sprinklered

Year Built: 2008

Clear Height: 28'

ESFR.

3065 S. 43rd Ave.

3065 S. 43rd Ave.

Southwest US Custom Fabrication

Lippert Components

Inc.

04-01-2016

04-01-2016

60,971 SF 120 Mos. Mos. 1-12 $0.390

Mos. 13-24 $0.400

Mos. 25-36 $0.410

Mos. 37-48 $0.420

Mos. 49-60 $0.430

Mos. 61-72 $0.440

Mos. 73-84 $0.450

Mos. 85-96 $0.460

Mos. 97-108 $0.470

Mos. 109-120 $0.480

Eff. Rate: $0.44

As-Is NNN Grade Level

Dock Hi

Sprinklered

Year Built: 1981

Clear Height: 18'

Lease is an extension.

Page 2/2

BROKER OPINION OF VALUE


SUBJECT PROPERTY

4380 W. Lower Buckeye Road, Phoenix AZ 85043

The subject property is a midsize freestanding industrial facility that is approximately 34,955 square feet. Outfitted with excellent office space and loading. The newer construction will be attractive to most buyers in the market. Access to the freeway is excellent but could be considered congested at certain times.

The Southwest area of Phoenix is a mature industrial region and property values generally hold up fairly well during any market. This particular area has seen good appreciation over the last twelve months. Given the amount of competition in the area, we feel this asset will be able to trade in line with other properties in the area.

The market availability on a square foot basis has a disconnect with actual sales comparables. The asking prices range from $50 - $95/SF with sale comparables ranging from $67 - $89/SF.

With these factors in mind, the following is our professional opinion of the value:

INVESTOR PRICING (SELLER TO A 3RD PARTY)

LEASE BACK - LEASE RATE:

$0.40/SF NNN - $0.45/SF NNN ($13,982 – $15,729/Month)* *This can be increased based in lease-back range

ACHIEVABLE CAP RATE & INVESTMENT SALE PRICE RANGE:

6.75% ($2,485,688) - ($2,796,400) 7.50% ($2,237,120) - ($2,516,760 )

USER PRICING (VAULE BASED FOR BASIS OF MORTGAGE)

ACHIEVABLE END USER SALE PRICE RANGE:

$75.00 - $80.00 ($2,621,625 - $2,796,400)

VALUE OF LOT We value the 1.68 Acres at around $5.00/SF or ($366,660)

MARKETING TIME FRAME:

4 – 6 Months due to the existing inventory on the market. Access to the freeway and industrial trade area.

MARKETING STRATEGY:

» Focus on local investors

» Focus on national investors

» CoStar & Loopnet marketing

» Potentially package this property with other assets in Billings, MT and Amarillo, TX

INDUSTRIAL MARKET REPORT

Q420162016 PHOENIX METRO PHOENIX METRO

INDUSTRIALINDUSTRIALMARKETMARKETREPORTREPORT

Q4 2016 | Phoenix Industrial Market Overview

Industrial Sector Finishes ‘16 With Solid Footing, Optimism

Total Sales

$447.8MQ3 16: $433.4M

No. of Transactions

130Q3 16: 112

Average PSF

$68.91Q3 16: $71.62

Actual Cap Rate

7.10%Q3 16: 7.21%

Q4 2016 Top Industrial Leases

Q4 2016 Top Industrial Sales

Tenant Name Property Name Address Submarket Type SF LeaseAviall Services, Inc. West Valley Distribution II 605 N. 75th Ave., Phoenix Southwest Distribution 323,345 NewSilent-Aire USA, Inc. Park Lucero Phase III 280 E. Germann Rd., Gilbert Southeast Manufacturing 146,832 NewKysor Panel Systems Goodyear Crossing 3801 S. Cotton Ln., Phoenix Southwest Warehouse 118,549 NewAmazon 550 E. Elliot Rd., Chandler 550 E. Elliot Rd.,Tempe Southeast Warehouse 91,204 NewWW Grainger 1150 W. Grove Parkway 1150 W. Grove Pkwy., Tempe Southeast Flex 81,283 New

Property Address Buyer Seller Type Sales Price SF PSF4320 S. Cotton Ln., Goodyear Huhtamaki, Inc. Cohen Asset Mgmt. Manufacturing $42,850,000 752,808 $56.927775 W. Buckeye Rd., Phoenix* Hines Hillwood Manufacturing $41,750,000 684,420 $61.00115 W. Alameda Dr., Tempe** Harrison Properties Safeway Distribution $40,000,000 780,320 $51.263333 S. 7th St., Phoenix Principal Global Investors Opus Group Distribution $32,650,000 393,292 $83.02455 S. 75th Ave., Phoenix Perfromance Food Group AmeriCold Logistics, LLC Cold Storage $16,325,000 149,852 $108.94

*Allocated from portfolio sale which included land.**Sale/Leaseback: Safeway will be leasing the entire facility back through June of 2018. They will continue to lease the milk production plant for 10 years

Absorption/Vacancyin SF, 2006-2016

7.9%

9.7%

16.9%

12.6% 10.0%

0.0%

5.0%

10.0%

15.0%

20.0%

-5.00

0.00

5.00

10.00

Absorption Vacancy

Buyer TypeQ4 16 Sales

3%

9%

38%

7%

43%

User Public/REITPrivate Private EquityInstitutional

Rental RatesPer month, 2006-2016

$0.66

$0.62

$0.48 $0.49$0.52

$0.57

$0.45

$0.50

$0.55

$0.60

$0.65

$0.70

06 07 08 09 10 11 12 13 14 15 16

NNN Asking Rates

Economic Indicatorsas of Q4 2016

Source: Bureau of Labor Sta s cs, Bureau of Economic Analysis of the U.S. Dept. of Commerce.

Sales by the Numbers: Q4 2016

Unemployment U.S. Down to 4.6% Arizona Down to 5.0% Phoenix Metro Down to 4.5%

Consumer Price Index Up 0.2%U.S. GDP Up 2.2%

By all accounts, the Phoenix industrial sector fared well in 2016. This wasn’t a standout year compared with the previous two years, however, indicators point to a solid foundation with modest momentum moving into 2017. Most industrial indicators this year showed growth, including net absorption, construction and rising lease rates

The industrial vacancy rate has remained mostly at over the past few years due in part to approximately 17M SF delivered to inventory. Many speculative projects have been completed with vacancies, which in turn o set leasing gains. Leasing activity for multi-tenant space has been persistent, especially under 25,000 SF. Fortunately, most of these new buildings are multi-tenant and have shown healthy lease-up rates compared with single tenant distribution facilities.

Overall vacancy rate remained at 10.0% for the quarter. Both the Northwest and Northeast Valleys posted the lowest vacancies at 5.6% and 6.5%, respectively. Net absorption for the quarter was 2,305,766 SF, which was the highest quarterly number of the year. The cumulative total for 2016 was 5,634,562 SF.

Asking rental rate averages continue to increase modestly. Overall fourth quarter rates improved by 1.8% to $0.56 per SF, per month. The Southwest Valley led the way with 2.8% overall.

Construction activity settled at 3,858,105 SF for Q4 and is a sharp increase from last quarter’s 2,513,228 SF. Most speculative building currently underway is for multi-tenant properties, which are most in demand. Completions this quarter were over 1M SF and nearly 5.8M SF for the year. A strong construction pipeline in the

Valley shows con dence in future market conditions.

The largest new lease transaction for the quarter was Availl Services lease of 323,345 SF at West Valley Distribution Center II, 605 N. 75th Ave., Phoenix.

The largest sales deal in Q4 was Huhtamaki, Inc.’s $42.9M purchase of the 752,808 SF manufacturing facility at 4320 S. Cotton Ln., Goodyear. Price per SF was calculated at $56.92.

The Phoenix industrial market has proven to be the most resilient among CRE sectors. Quarter after quarter, the sector moves closely with the economy by shifting subtly, but rarely overreacting. The sector is expected to do well this year if current economic conditions prevail or improve in the coming year.

Industrial Total Net Absorption Under Asking Rent ChangeSubmarkets Inventory Total SF Q4 16 Q4 16 YTD Total Construction Q4 16 YTD Total NNN Rate from Q3 16

Sky Harbor AirportDistribution/Warehouse 34,614,135 4,164,708 12.0% (3,320) (136,996) 414,881 499,292 1,476,800 $0.56 -1.8%

Manufacturing 8,801,629 828,320 9.4% 54,836 (42,003) - - 41,252 $0.50 0.0%

Flex 4,951,486 984,391 19.9% (9,246) (69,100) 215,634 - - $1.13 1.8%

Total 48,367,250 5,977,419 12.4% 42,270 (248,099) 630,515 499,292 1,518,052 $0.67 0.0%

Northeast ValleyDistribution/Warehouse 6,656,354 422,400 6.3% (33,479) 47,780 54,372 - - $0.84 1.2%

Manufacturing 2,999,816 94,218 3.1% - 7,449 - - - $0.87 0.0%

Flex 5,244,251 451,162 8.6% 5,615 65,681 - - - $0.97 0.0%

Total 14,900,421 967,780 6.5% (27,864) 120,910 54,372 - - $0.91 0.0%

Northwest ValleyDistribution/Warehouse 38,365,609 2,188,797 5.7% 125,732 890,176 2,001,183 173,262 1,137,117 $0.58 1.8%

Manufacturing 11,449,367 322,360 2.8% (5,753) 481,887 - - 384,377 $0.57 1.8%

Flex 6,277,482 654,951 10.4% 64,734 (21,799) 50,937 - - $0.81 -4.7%

Total 56,092,458 3,166,108 5.6% 184,713 1,350,264 2,052,120 173,262 1,521,494 $0.57 2.3%

Southeast ValleyDistribution/Warehouse 49,870,057 4,419,003 8.9% 573,526 1,487,154 164,943 110,743 896,378 $0.58 1.8%

Manufacturing 24,211,274 3,190,050 13.2% (29,167) 41,035 146,832 - - $0.59 0.0%

Flex 15,140,094 2,023,255 13.4% 116,782 206,955 156,957 32,034 209,034 $1.13 1.8%

Total 89,221,425 9,632,308 10.8% 661,141 1,735,144 468,732 142,777 1,105,412 $0.72 1.6%

Southwest ValleyDistribution/Warehouse 75,795,710 8,082,650 10.7% 1,181,637 2,247,196 652,366 222,910 1,572,134 $0.37 0.0%

Manufacturing 11,401,588 1,761,059 15.4% 241,548 405,721 - 50,000 50,000 $0.38 18.8%

Flex 1,280,456 215,900 16.9% 0 19,366 - - - $0.65 18.1%

Total 88,477,754 10,059,609 11.4% 1,423,185 2,672,283 652,366 272,910 1,622,134 $0.37 2.8%

Total SubmarketsDistribution/Warehouse 205,301,865 19,255,237 9.4% 1,866,417 4,557,631 3,287,745 1,006,207 5,082,429 $0.48 0.0%

Manufacturing 58,863,674 6,196,007 10.5% 261,464 875,828 146,832 50,000 475,629 $0.51 10.9%

Flex 32,893,769 4,329,659 13.2% 177,885 201,103 423,528 32,034 209,034 $1.07 1.9%

Phoenix Metro Total 297,059,308 29,780,903 10.0% 2,305,766 5,634,562 3,858,105 1,088,241 5,767,092 $0.57 1.8%

When inaccurate or newly updated information is discovered, it is incorporated into current reporting which may negate comparison to previously published market reports.

Vacancy Building Completions

Q4 2016 Phoenix Industrial Market Stats

South Mountain Park

Usery MountainRecreation Area

Four PeaksWilderness

McDowell MountainRegional Park

Thunderbird ConservationPark

PapagoPark

Piestewa PeakPark

North MountainPark

PhoenixMountainPreserve

Buffalo RidgePark

Estrella Mountain Park

51

89

101

101

101

101

202

202

202

202

303

60

60 60

Mesa-GatewayAirport

Falcon FieldAirport

ScottsdaleMunicipal Airport

GlendaleMunicipal Airport

Luke Air ForceBase

ChandlerMunicipal Airport

91st A

ve.

91st A

ve.

99th A

ve.

99th A

ve.

107th

Ave

.10

7th A

ve.

1010

7th A

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111th

Ave

.

Tess

mer

Rd.

11

103rd

Ave

.

107th

Ave

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Avon

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Ave

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El M

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El M

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Rd.

Dys

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Bulla

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Bulla

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Perry

ville

Rd.

Perry

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Rd.

175th

Ave

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Citr

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Rd.

187th

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Jack

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Val

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Rd.

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Rd.

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83rd A

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75th A

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67th A

ve.

McDowell Rd.McDowell Rd.

Van Buren St.

Yuma Rd.

Van Buren St.Van Buren St.

Broadway Rd. Broadway Rd.

Southern Ave.Southern Ave.Southern Ave.

Estrella Dr.

Baseline Rd.

Broadway Rd.

University Dr.

Apache Blvd.

Broadway Rd.

Main St.

University Dr.

Rio Salado Pkwy.Rio Salado Pkwy.

Southern Ave. Southern Ave.

Broadway Rd.

Main St.

University Dr.

Brown Rd.

Southern Ave.

Baseline Rd. Baseline Rd. Baseline Rd. Baseline Rd.

Guadalupe Rd.

Elliot Rd.

Warner Rd.

Ray Rd.

Chandler Blvd.

Elliot Rd.

Warner Rd.

Ray Rd.

Chandler Blvd.

Frye Rd.

Pecos Rd.

Germann Rd. Germann Rd. Germann Rd.

Q C k Rd

Pecos Rd. Pecos Rd.

Pecos Rd.

Pecos Rd.

Elliot Rd.

Warner Rd.

Elliot Rd. Elliot Rd.

Warner Rd.

Ray Rd. Ray Rd.Ray Rd.

Williams Field Rd. Williams Field Rd.

Guadalupe Rd.

Houston Ave.

Guadalupe Rd. Guadalupe Rd. Guadalupe Rd.

Baseline Rd.

Dobbins Rd.Dobbins Rd.Dobbins Rd.

Carver Rd.

Baseline Rd.

Buckeye Rd. Buckeye Rd.

Southern Ave.

Lower Buckeye Rd.

Broadway Rd.

Indian Springs Rd.

Thomas Rd.

Indian School Rd.Indian School Rd.Indian School Rd.

Camelback Rd.Camelback Rd.Camelback Rd.

Bethany Home Rd.Bethany Home Rd.

Glendale Ave.Glendale Ave.Glendale Ave.

Northern Ave.Northern Ave.

Olive Ave.

Peoria Ave.

Cactus Rd.

Indian School Rd.

Camelback Rd.

Bethany Home Rd.

Glendale Ave.

Northern Ave.

Olive Ave.

Peoria Ave.

Cactus Rd.

Thunderbird Rd. Thunderbird Rd.

Indian School Rd.

Camelback Rd.

McDowell Rd.

Mckellips Rd. Mckellips Rd.

Broadway Rd.

Main St.

University Dr.

Brown Rd. Brown Rd.

Southern Ave.

Broadway Rd.

Main St.

University Dr.

Southern Ave.

Mckellips Rd.

Curry Rd.

Mckellips Rd.

McDowell Rd. McDowell Rd. McDowell Rd.

Longbow Pkwy.

Thomas Rd. Thomas Rd. Thomas Rd.

Saddleback St.

Indian School Rd.Indian School Rd.

Camelback Rd.

Camelback Rd.

Chaparral Rd. Chaparral Rd.

Indian Bend Rd.

Mountain View Rd.Mountain View Rd.

Shea Blvd. Shea Blvd.Shea Blvd.

Via Linda

Palis

ades

Blv

d.

Golden Eagle Blvd.

McD

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McD

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Via Linda

Shea Blvd.

Cholla St.Cholla St.

Lincoln Dr.

DoubleTree Ranch Rd.

McDonald Dr. McDonald Dr.Bethany Home Rd.

Glendale Ave.

Lincoln Dr.

Northern Ave.

Indian School Rd.

Camelback Rd.

Bethany Home Rd.

Glendale Ave.

Northern Ave.

Dunlap Ave. Dunlap Ave.

Hatcher rd.

Peoria Ave.

Cactus Rd. Cactus Rd.

Sweetwater Ave.

Cactus Rd.Cactus Rd. Cactus Rd.

Thunderbird Rd. Thunderbird Rd.

Greenway Rd.

Thunderbird Rd.

Greenway Rd.

Grovers Ave.

Pinnacle Peak Rd. Pinnacle Peak Rd.Pinnacle Peak Rd.

Greenway Rd.

Bell Rd.Bell Rd.

Greenway Rd.

Waddell Rd.

Cactus Rd.

Peoria Rd.

Olive Ave.Olive Ave.

Northern Pkwy.

Northern Ave.

Sun Valley Pkwy. Bell Rd.Bell Rd. Bell Rd.

Raintree Dr.

Frank Lloyd Wright Blvd.

Bell Rd.

Union Hills Dr.Union Hills Dr.

Union Hills Dr.

Beardsley Rd.

Deer Valley Rd.Deer Valley Dr.

59th A

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51st A

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43rd A

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35th A

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83rd A

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83rd A

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75th A

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75th A

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67th A

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59th A

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59th A

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51st A

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43rd A

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35th A

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39th A

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29th A

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27th A

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91st A

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99th A

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83rd A

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75th A

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51st A

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51st A

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43rd A

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35th A

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27th A

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19th A

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40th S

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36th S

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32nd

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28th S

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83rd A

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75th A

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67th A

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59th A

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51st A

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43rd A

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35th A

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27th A

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19th A

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7th A

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12th S

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16th S

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7th S

t.

Cen

tral A

ve.

7th A

ve.

7th S

t.

Cen

tral A

ve.

Cor

al G

ables

Dr.

Lake

Ple

Cav

e C

reek

Blvd

.

Mayo Blvd.

28th

Dr.

Metro

Pkw

y.

Lake Pleaseant Pkwy.

Beardsley Rd.

Verd

e Vi

sta D

r.

Indian School Rd.

Aco m

W. P

oint P

kwy.

Par k

view

Pl.

NW R

anch

Pk wy.

128t

h Ave

.

Mou

ntai

Ellio

t Rd.

Estre

lla P

kwy.

Thompson Peak Pkwy.

Le gacy Blvd.

Legacy Blvd.

Frank Lloyd Wright Blvd.

Hayd

en Rd.

McCormic k Pkwy.

Gal

vin P

kwy.

Founta

in H

ills B

lvd.

Sag

uaro

Blv

d.

Mohave Rd.

Fort

McD

owel

l Rd.

Mus

tang

Way

Para

dise V

illage Pkwy.

Lower Buckeye Rd.Lower Buckeye Rd.

Haw

es R

d.Rid g ecr

est

Eagle Crest Dr.

Ash

Ave.

Sara

toga

L indner Ave.

Soss

aman

Rd.

Indian School Rd.

Deer Valley Rd.

40th S

t.

Sunridge Dr.

Ray Rd.

Chandler Blvd.Chandler Blvd.

Pecos Rd.Pecos Rd.

48th S

t.

40th S

t.

Mountain Pkwy.

Ranch

Cir

Ray Rd.

Des

ert F

ooth

ills P

kwy.

17th A

ve.

Lakewood Pkwy.

TEMPE

SCOTTSDALE

PARADISE VALLEY

GOODYEAR

GLENDALE

PEORIA

SURPRISE

CHANDLER

GILBERT

FOUNTAIN HILLS

MESA

Southern AvSouthern Av

Estrella Mountain Park

El M

irage

Rd.

ElM

irage

Rd

Bulla

rd A

ve.

Bulla

rdAv

e

Estre

lla P

kwy.

Estre

llaPk

wy

Cot

ton

Ln.

Cot

ton

Ln

Cot

ton

Ln.

Cot

ton

Ln

McDowell Rd.McDowell Rd

Van Buren St.Van Buren StVan Buren St.Van Buren St

Southern AvSouthern AvSouthern Ave.Southern Ave.Southern Ave.Southern Ave.

Baseline RBaseline RBaseline RdBaseline Rd

Dobbins Rd.Dobbins Rd

Baseline Rd.Baseline Rd

BuckBuck k e RdRd

Indian Springs Rd.Indian Springs Rd

7575thth

Ave

Ave

4343rdrd A

ve.

Ave

3535thth A

ve.

Ave

2727thth A

ve.

Ave

1919thth A

ve.

Ave

y

Lower BLower B

GOODYEARDYEAG

Thunderbird CConservationPaark

alo RidgeBuffalo arkPa

101

303

60

GlendaleMunicipal AirportrtAir

Luke Air ForceBase

Ave.

Ave

9999thth

Ave

Ave

9999thth A

ve.

Ave

107

107thth

Ave

.Av

e10

710

7thth A

ve.

Ave

101010

710

7thth A

ve.

Ave

111

111thth

Ave

.Av

e

Tess

mer

Rd.

Tess

mer

RdTe

ssm

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d

1111

103

103rdrd

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El M

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ElM

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Dys

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Dys

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Litc

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Bulla

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Bulla

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St

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Sariv

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Citr

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Citr

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El M

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Rd.

ElM

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Dys

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Dys

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Litc

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Perry

ville

Rd.

Perry

ville

Rd

Perry

ville

Rd.

Perry

ville

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175

175thth

Ave

.Av

e

Citr

us R

d.C

itrus

Rd

Citr

us R

d.C

itrus

Rd

187

187thth

Ave

.Av

e18

618

6thth A

ve.

Ave

Jack

rabb

it Tr

ail

Jack

rabb

itTr

ail

Jack

rabb

it Tr

ail

Jack

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ail

Rai

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Val

ley

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Rai

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Valle

yR

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d.ey

Rd.

Vera

do W

ayVe

rado

Way

McDowell RdMcDowell RdMcDowell Rd.McDowell Rd

Van Buren St.Van Buren St

Yuma Rd.Yuma Rd

Southern Ave.Southern Ave

Lower Buckeye Rd.Lower Buckeye Rd.

Broadway Rd.Broadway Rd

Thomas Rd.Thomas Rd

dian School Rd.IndIndian School RdIndian School Rd.Indian School Rd

Camelback Rd.Camelback RdCamelback Rd.Camelback Rd

Bethany Home Rd.Bethany Home RdBethany Home Rd.Bethany Home Rd

Glendale Ave.Glendale AveGlendale Ave.Glendale Ave.

rthern Ave.NorthNorthern Ave

Olive Ave.Olive Ave

Peoria Ave.Peoria Ave

Cactus Rd.Cactus Rd

ol Rd.ol Rd

k Rd.k Rd

me Rd.me Rd

Ave.Ave

Ave.Ave

Olive Ave.Olive Ave


Cactus Rd.Cactus Rd

Thunderbird Rd.Thunderbird Rd Thunderbird Rd.Thunderbird Rd

Indian School Rd.Indian School Rd

Camelback Rd.Camelback RdC

Bethany Home Rd.Bethany Home Rd

Glendale Ave.Glendale Ave

Northern Ave.Northern Ave

Dunlap Ave.Dunlap Ave


Cactus Rd.Cactus Rd

Thunderbird Rd.Thunderbird Rd

Greenway Rd.Greenway Rd

Grovers Ave.Grovers Ave

Pinnacle Peak Rd.Pinnacle Peak RdPinnacle Peak RdPinnacle Peak Rd.Pinnacle Peak Rd


Bell Rd.Bell Rd.Bell Rd.Bell Rd.


Waddell Rd.Waddell Rd

Cactus Rd.Cactus Rd

Peoria Rd.Peoria Rd

Olive Ave.Olive AveOlive Ave.Olive Ave

Northern Pkwy.Northern Pkwy

Northern Ave.Northern AveNorthern Ave

Sun Valley Pkwy.Sun Valley Pkwy Bell Rd.Bell Rd

Union Hills Dr.Union Hills Dr.Union Hills Dr.Union Hills Dr

Deer Valley Rd.Deer Valley RdDeer Valley Dr.Deer Valley Dr

5959thth A

ve.

Ave

5151stst A

ve.

Ave

4343rdrd A

ve.

Ave

3535thth A

ve.

Ave

8383rdrd A

ve.

Ave

8383rdrd A

ve.

Ave

7575thth A

ve.

Ave

7575thth A

ve.

Ave

6767thth A

ve.

Ave

5959thth A

ve.

Ave

5959thth A

ve.

Ave

5151stst A

ve.

Ave

4343rdrd A

ve.

Ave

3535thth A

ve.

Ave

3939thth A

ve.

Ave

2929thth A

ve.

Ave

2727thth A

ve.

Ave

1919thth

Ave

Ave

2323rdrd A

ve.

Ave

1212thth S

t.St

1616thth S

t.St

Ave.

Ave

Ave.

Ave

Ave.

Ave

5959thth A

ve.

Ave

5151stst A

ve.

Ave

4343rdrd A

ve.

Ave

3535thth A

ve.

Ave

2727thth A

ve.

Ave

1919thth

Ave

Ave

LLaakkkeee

PPll

2288tthh

DDrr.

MMeettrroo

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Beardsley Rd.Beardsley Rd

VVeerrdd

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LENDALEAEND

PEORIAO

SURPRISER

0011

lele

Pi l P k RdPllee

Four PeaksWilderness

McDowell MountainRegional Park

Piestewa PeakPark

Norrth MountainPark

PhoenixMountainMountainPreservePreser

51

89101

101

ScottsdalealeMunicipal Airportcipal A


Mckellips RdMckellips RdMckellips RdMckellips Rd.


Thomas Rd.Thomas Rd Thomas Rd.Thomas Rd

Indian School Rd.Indian School RdIndian School Rd.Indian School Rd

Camelback Rd.Camelback Rd


Chaparral Rd.Chaparral Rd Chaparral Rd.Chaparral Rd

Indian Bend Rd.Indian Bend Rd

Mountain View Rd.Mountain View Rd

Shea Blvd.Shea Blvd Shea Blvd.Shea BlvdShea Blvd.

Shea Blvd

Via LindaVia Linda

Palis

ades

Blv

d.Pa

lisad

esBl

vd

Golden Eagle Blvd.

Golden Eagle Blvd.

McD

owel

l Mou

ntai

n R

d.w

ell M

ount

ain

Rd

McD

owel

l Mou

ntai

nR

d

McD

owel

l Mou

McD

owel

l Mo

McD

owel

l Mou

Via LindaVia Linda

Shea Blvd.Shea Blvd

Cholla St.Cholla StCholla St.Cholla St

Lincoln Dr.Lincoln Dr

DoubleTree Ranch Rd.DoubleTree Ranch Rd

McDonald Dr.McDonald Dr

Lincoln Dr.Lincoln Drinc

Indian School Rd.ScIndian School Rd

Camelback Rd.bCamelback Rd

Bethany Home Rd.Bethany Home Rd

Glendale Ave.Glendale Aveda


Dunlap Ave.Dunlap Ave

Hatcher rd.hHatcher rd

Cactus Rd.Cactus Rdu

Sweetwater Ave..Sweetwater AveSSweetwater Ave

Cactus Rd.Cactus RdCactus Rd.Cactus Rd Cactus Rd.Cactus Rd




Pinnacle Peak Rd.Pinnacle Peak Rd

Bell Rd.Bell Rd Bell Rd.Bell Rd

Raintree Dr.Raintree Dr

Wright Blvd.right Blvd

Frank Lloyd WFrank Lloyd WWr

Bell Rd.Bell Rd

Union Hills Dr.Union Hills Dr

Beardsley Rd.Beardsley Rd

1919 A

ve.

Ave

77thth A

ve.

Ave

1515thth A

ve.

Ave

1212thth S

t.St

1616thth S

t.St

2424thth S

t.St

3232ndnd

St.St

3636thth S

t.St

4040thth S

t.St

4444thth S

t.St

4848thth S

t.St

6464thth S

t.St6464

thth S

t.St

9494thth S

t.St

9696thth S

t.St

5656thth S

t.St

4444thth S

t.St

4040thth S

t.St

3636thth S

t.St

3232ndnd

St.St

2828thth S

t.St

Tatu

m B

lvd.

Tatu

mBl

vdTa

tum

Blvd

.

Tatu

m B

lvd

Mayo Blvd.

Mayo Blvd.

Tatu

m B

lvd.

Tatu

mBl

vd.

6868thth S

t.St6868

thth S

t.St

Scot

tsda

le R

d.Sc

otts

dale

Rd

Scot

tsda

le R

d.Sc

otts

dale

Rd

Scot

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dale

Rd

Hay

den

Rd.

Hay

den

Rd

Hay

den

Rd.

Hay

den

Rd

Hay

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Rd.

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Rd

Pim

a R

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Rd

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d.Pi

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Cen

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Gra

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Gra

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5252ndnd

St.St

77thth S

t.St

Cen

tral A

ve.

Cen

tralA

ve

1919 A

ve.

Ave

77thth A

ve.

Ave

1212thth S

t.St

1616thth S

t.St

77thth S

t.St

Cen

tral A

ve.

Cen

tralA

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CCoorr

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FFrraannkk LLllooyydd WWrriigghhtt BBBlllvvvdd.

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4400tthh

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SSuunnrriiddggee DDrr.

SCOTTSDALES

PARADISE VALLEYL

FOUNTAIN HILLSLU

uuu

Pi l P k Rd

South Mountain Park

Usery MountainRecreation Area

PapagoPark

101

202

202

202

202

60 60

Mesa-GatewayMesa-GatewayAirportport

Falcon FieldFalcon AirportAir

ChandlerChandlerMunicipal AirportMunic

Estrella Dr.Estrella Dr

Baseline RBaseline R


University Dr.University Dr

Apache Blvd.Apache Blvd

Broadway Rd.Broadway Rdw

Main St.Main St


Rio Salado Pkwy.Rio Salado PkwyRio Salado Pkwy.Rio Salado Pkwy

Southern Ave.Southern Ave Ave.AveSouthernSouthernn

University Dr

Brown Rd.Brown Rd

Baseline Rd.Baseline Rd Baseline Rd.Baseline Rd Baseline Rd.Baseline Rd

Guadalupe Rd.Guadalupe Rd

Elliot Rd.Elliot Rd

Warner Rd.Warner Rd

Ray Rd.Ray Rd

Chandler Blvd.Chandler Blvd

Elliot Rd.Elliot Rd

Warner Rd.Warner Rd

Ray Rd.Ray Rd

Chandler Blvd.Chandler Blvd

Frye Rd.Frye Rd.

Pecos Rd.Pecos Rd

Germann Rd.Germann Rd Germann Rd.Germann Rd. Germann Rd.Germann Rd.

Pecos Rd.Pecos Rd Pecos Rd.Pecos Rd

Pecos Rd.Pecos Rd

Pecos Rd.Pecos Rd

Elliot Rd.Elliot Rd

Warner Rd.Warner Rd

Elliot Rd.Elliot Rd Elliot Rd.Elliot Rd

Warner Rd.Warner Rd

Ray Rd.Ray Rd Ray Rd.Ray RdRay Rd.Ray Rd

Williams Field Rd.Williams Field Rd Williams Field Rd.Williams Field Rd

Guadalupe Rd.Guadalupe Rd Guadalupe Rd.Guadalupe Rd Guadalupe Rd.Guadalupe Rd

Baseline Rd.Baseline Rd

Dobbins Rd.Dobbins RdDobbins Rd.Dobbins Rd

Carver Rd.Carver Rd

Mckellips Rd.Mckellips Rd Mckellips Rd.Mckellips Rd


Main St.Main St


Brown Rd.Brown Rd Brown Rd.Brown Rd



Main St.Main St



Mckellips Rd.Mckellips Rd

Curry Rd.Curry Rd

Mckellips Rd.Mckellips Rd.

McDowell Rd.McDowell Rd McDowell Rd.McDowell Rd

Longbow Pkwy.Longbow Pkwy

Thomas Rd.Thomas Rd.

Saddleback St.Saddleback St.

75 A

ve.

5151stst A

ve.

Ave

5151stst A

ve.

Ave

2424thth S

t. St.

3232ndndd

St.St

Col

lege

Ave

.C

olle

geAv

e

Scot

tsda

leR

dSc

otts

dale

Rd

Rur

al R

d.R

ural

Rd

McC

linto

ck D

r.M

cClin

tock

Dr

Mill

Ave.

Mill

Ave

Mill Ave.

Mill AveMill Ave.

Ave

Har

dy D

r.H

ardy

Dr

Har

dy D

r.H

ardy

Dr

Prie

st D

r.Pr

iest

Dr

Rur

al R

d.R

ural

Rd

Kyre

ne R

d.Ky

rene

Rd

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ne R

d.Ky

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Rd

a Rd

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Rd

McC

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r.M

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McC

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Dr

Prie

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Prie

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Dob

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Dob

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Alm

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Alm

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Ext R

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Cen

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Stap

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Gilb

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Rd

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Gre

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d.G

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Rd

Hig

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Rd.

Hig

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Rd

Rec

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d.R

ecke

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Pow

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d.Po

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Rd.

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User

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Val V

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Dr.

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Dr

Gre

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Rd

Hig

ley

Rd.

Hig

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Rd

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d.Po

wer

Rd

Soss

aman

Rd.

Soss

aman

Rd

Soss

aman

Rd.

Soss

aman

Rd

Rittenhouse Rd.

Rittenhouse Rd.

McQ

ueen

Rd.

McQ

ueen

Rd

Coo

per R

d.C

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rRd

Gilb

ert R

d.G

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Gre

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ld R

d.G

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Rd

Hig

ley

Rd.

Hig

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Rd

Rec

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d.R

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McQ

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Rd.

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Gilb

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Rd

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Rd

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Rd.

Cris

mon

Rd

Ells

wor

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d.El

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Rd

Ells

wor

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Rd

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Rd.

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Ray Rd.Ray Rd

Chandler Blvd.Chandler BlvdChandler Blvd.Chandler Blvd

Pecos Rd.Pecos RdPecos Rd.Pecos Rd

4848thth S

t.St

404040thth S

t.St

MMoouunnttaaiinn PPkkwwkk yyw

..

RRaanncchh

CCiirr

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LLaakkeewwooooddo PPkkwwyy .

TEMPEPE PE

CHANDLERC EN

GILBERTR

MESAS

ps Rd.

Q C k Rdpapa AA CC

ss R

dRd

1. Airport Area Submarket - N. Airport - S. Airport N. of Roeser - S. Airport S. of Roeser - SC. N. of Salt River - SC. S. of Salt River

2. Northeast Submarket - Central Phoenix - Scottsdale Airpark - Scottsdale/Salt River

3. Northwest Submarket - Deer Valley/Pinnacle Peak - Glendale - Grand Ave. - N. Black Canyon - N. Glendale/Sun City

- W. Phx N. of Thomas Rd. - W. Phx S. of Thomas Rd.

4. Southeast Submarket - Chandler - Chandler Airport - Chandler N./Gilbert - Falcon Field/Apache Jct. - Mesa - Tempe East - Tempe Northwest - Tempe Southwest

5. Southwest Submarket - Goodyear - SW. N. of Buckeye Rd. - SW. S. of Buckeye Rd. - Tolleson

Phoenix Industrial Submarket Map

veve

77 AA

ve.

Ave

Ave

77thth S

t.St

Cen

tral A

ve.

Cen

tralA

ve

ve.ve.

RdRd

77ththAv

eAv

eAv

e

Rd.Rd

1

Mountain View Rd.Mountain View Rd.

McDonald Dr.McDonald Dr

Dob

son

Rd.

Dob

son

Rd

esa

Dr.

Meses

aD

rM

e

260

9191stst A

ve.

Ave

9191stst AA

9999 A

ve.

Ave

9999

8383rdrd A

ve.

Ave

7575thth A

ve.

Ave

6767ththth

Ave.

AAve

Indian School Rdian School Rd.Indian SSchool Rd


Glendale Ave.Glendale Ave


Indian SchooIndian Schoo

CammelbackCammelback

Bethanyy HomBethanyy Hom

Glenndale AGlenndale A

Northern ANorthern A

8383rdrd

7575thth

6767thth

G3


Main St.Main St


Southuthern Ave.Southuthern Ave

BBaseline Rd.Baseline Rd

Guadalupe Rd.Guadalupe Rd

Houston Ave.Houston Ave

Cou

ntry

Clu

b D

r.D

rC

ount

ryC

lub

Dr.

Cen

ter S

t.C

ente

rSt.

Mes

a D

r.M

esa

Dr

Hor

neH

orne

Stap

ley

Dr.

SStap

ley

Dr

S Gilb

ert R

d.G

ilber

tRd

Lind

say

Rd.

Lid

Lind

say

Rd

4

107

107thth

Ave

.Av

e

Avon

dale

Ave

.Av

oAv

onda

leAv

eA

Broadway Rd.Broadway Rd. Broadway Rd.Broadway Rd.

keye Rd.keye Rd Buckeye Rd.Buckeye Rd.

9191stst

ve.

AveeAve

9999thth A

ve.

Ave

8383rdrd A

ve.

Ave

Lower Buckeyckeye Rd.d.LLower Buckkeye Rd.

Buckeye Re RdBuckeye RRdd.

5

About Lee & Associates Now in its 25th year, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, o ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix o ce was established in 1991 and is now recognized as one of the most successful brokerage rms in the state. Each of our 57 nationwide Lee & Associates o ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

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3200 East Camelback Road, Suite 100Phoenix, Arizona 85018602.956.7777 | www.leearizona.com

Q420162016

The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Lee & Associates Arizona has not independently veri ed its accuracy. Lee & Associates Arizona makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and tness for a particular purpose.

Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice, by third-party data source providers.

The Lee & Associates Phoenix Industrial Market report compiles relevant market data by using a third-party database for the proprietary analysis of speci c warehouse, distribution, manufacturing and ex properties in the Phoenix Metropolitan Area.

© Copyright 2016, 2017 Lee & Associates Arizona. All rights reserved.

Market report analysis by: Matt DePinto, Senior Research Analyst

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