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Cushman & Wakefield brokers $7.1M net lease in Phoenix at Sky Harbor

photo of Phoenix commercial property at Sky Harbor
Found at 2655 E Magnolia St., the building was originally constructed in 1984 but recently completed a significant modernized renovation in 2021. (File Photos/DigitalFreePress)
MHS Magnolid acquires flex Phoenix property at Sky Harbor International
Staff Reports | Digital Free Press

Cushman & Wakefield brokered the sale of a freestanding, 35,385-square-foot, single-tenant industrial/flex property on more than ±2.5 acres for $7.135 million in Phoenix.

Found at 2655 E Magnolia St., the building was originally constructed in 1984 but recently completed a significant modernized renovation in 2021, according to a press release.

Chris Hollenbeck, Shane Carter, Tracy Cartledge, and Bob Buckley with Cushman & Wakefield represented the seller in the transaction. The buyer was MHS Magnolia, the release states.

“This is a very attractive net lease investment asset of a quality building on an abundant lot that is supported by a strong long-term tenant with corporate guaranty. The property recently received a notable capital infusion to modernize the facility, including upgrading the training center, a new roof, and more,” said Executive Managing Director Chris Hollenbeck.

“The property is well positioned in the Sky Harbor International Airport Business Park just south of downtown Phoenix and has partial visibility from and convenient connectivity to Interstate 10.”

The property features a training center, warehouse/showroom with 16-foot clear height, and 145 total parking spaces on site.

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