Pennsylvania investor jumps into industrial market…drops $17.5 million


industrialPhoenix – Word about the Valley’s red hot industrial market has reached all the way across the country as a company formed by Exeter Property Group in Plymouth Meeting, P.A. (Ward Fitzgerald, Tim Weber, principals) has invested $17.5 million ($69.54 per foot) to buy a 251,668-square-foot industrial project at 125 S. 67th Avenue in Phoenix. The seller was Star 67th Ave. LLC, a company formed by Five Star Development in Scottsdale (Gerald Ayoub, managing member). The cash sale was negotiated through Tony Lydon and Marc Hertzberg of Jones Lang LaSalle in Phoenix. The project, which is called Five Star Distribution Center, is fully leased. Sealy Mattress Co. and CVS Pharmacy are the tenants. Continue reading:

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