PHOENIX – February 28, 2020 – Abington Emerson has completed the sale of 73,178 square foot, Class “A” industrial building in Gilbert, Arizona. Located at 1405 North Fiesta Boulevard and situated on 5.20 acres in the center of the Southeast (SE) Valley submarket in metro Phoenix, the strategically placed facility offers easy access anywhere in the metro area via its freeway network, including the new Loop 202 South Mountain Valley Freeway.
Abington Emerson acquired the property in 2017, as it was being vacated by a single tenant. Once vacant, the property was subdivided into three parts and marketed to tenants from a variety of industries. At disposition, the property was 100% leased to two tenants – a Fortune 100 company, Progressive Insurance and to Phoenix Logistics. Progressive is using their space partially as office and partially as their national training facility. Phoenix Logistics also utilizes its space for office and warehouse.
The property was sold to a Southern California based real estate portfolio company that called the property “the best-in-class asset in timeless and functional real estate.”