Newmark Executes Sale of Industrial/Flex Building in Metro Phoenix

August 1, 2024 9:00 AM

Newmark announces it has arranged the sale of 3137 East Elwood Street, a single-story, 123,032-square-foot industrial/flex building in Phoenix, Arizona.

Newmark Executive Managing Directors Barry Gabel, Chris Marchildon and CJ Osbrink and Director Gary Cornish represented the undisclosed seller, a global investment advisor.

“The conclusion of an extensive bidding process, which attracted over 20 tours and yielded over 10 offers, resulted in the purchase of the property by a local investor and business owner,” said Cornish. “The new owner plans to utilize the remaining vacancy, approximately 37,000 square feet, for one of its enterprises.”

Located in the core of Metro Phoenix within the dynamic Southbank Business Park, the property sits on a large ±10-acre lot with flex/industrial features including A-2 (heavy) industrial zoning, ±20’ clear height, 100% HVAC, heavy power and the ability to significantly expand existing dock and grade level loading capabilities.

“This transaction underscores the ongoing demand for conversions from office to flex/industrial spaces, a trend our team continues to monitor and capitalize on,” Cornish concluded.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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