Sierra Ridge pays $31M for fully leased Phoenix warehouse
Newmark arranged the sale of the 123,032-square-foot Southbank Business Park building after it was converted from office use and fully leased.
At a glance
Newmark arranged the $31 million sale of 3137 East Elwood Street to Sierra Ridge Capital, Connect CRE reported.
The property was fully leased to three tenants at closing, with Auto House among them.
The sale completes a full-cycle assignment for Newmark, whose team first sold the property to the current seller in 2024.
Newmark arranged the $31 million sale of 3137 East Elwood Street to Sierra Ridge Capital, Connect CRE reported. The 123,032-square-foot industrial building sits on about 9.8 acres in Phoenix's Southbank Business Park. A local investor was the seller. The price equates to roughly $252 per square foot.
The property was fully leased to three tenants at closing, with Auto House among them.
The sale completes a full-cycle assignment for Newmark, whose team first sold the property to the current seller in 2024. Gary Cornish and Nico Burgarello, working with Barry Gabel, CJ Osbrink and Chris Marchildon, led the assignment on behalf of Sierra Ridge, according to the report. Over the roughly two-year hold, ownership completed an office-to-industrial conversion and capital improvement program, and Newmark leased the building to full occupancy before brokering its sale.
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