SCHAUMBURG (March 18, 2022)—Industrial Outdoor Ventures is expanding its footprint in the Phoenix market with the acquisition of 4932 W. Pasadena Avenue in Glendale, an Industrial Storage Facility (ISF) that sits of 5.0 acres of land and includes a 50,000-square-foot building. IOV acquired the asset from Pettstarr Holdings LLC. The financial terms of the transaction were not disclosed.
“We’re excited to continue growing our presence in the Northwest Phoenix industrial pockets,” said IOV’s Anthony DeLaurentis. “This facility was especially attractive and represented an ideal opportunity because it is contiguous with the asset located immediately next door.”
The adjacent property, at 4800 W. Pasadena Ave., sits on 4.6 acres and includes a 26,625-square-foot service building. That property, acquired by IOV in December 2019, is fully-leased to MasTec (NYSE: MTZ).
The newly acquired asset is fully-leased to Avanti Windows through the end of 2024. At the expiration of the lease, IOV expects to make minor building and site improvements, and market for lease to various users in the equipment rental, building materials, transportation, outdoor storage business.
According to DeLaurentis, the combined assets, totaling 9 acres with two service buildings, sets up well for an expansion, or a multi-tenant scenario in the future.
Other attributes and features of the property include a yard consisting of asphalt and crushed stone, an on-site BNSF rail spur and M-2 Industrial Zoning.
This acquisition represents IOV’s fourth asset in Phoenix.
IOV was represented in the transaction by Patrick Sheehan and Max Schumacher of Rein & Grossoehme. The seller was represented by Steve Mardian of Cushman & Wakefield.
ERIC JOHNSON
Senior Vice President, Development & Acquisitions
Phone: 312.898.2978
Email: eric@iovre.com
ANTHONY DELAURENTIS
Acquisitions Officer
Phone: 847.595.0263
Email: anthony@iovre.com