Denver-based investment company buys 39.5K-square-foot industrial building in Phoenix
Sep 9, 2024, 12:09 PM | Updated: 12:10 pm
Rectangle Investment Management has expanded its Phoenix footprint with a fully-leased industrial building. (Photo courtesy of Comunale Properties)
(Photo courtesy of Comunale Properties)
PHOENIX — Rectangle Investment Management, an out-of-state investment company, announced on Monday it bought an industrial building in Phoenix.
The investment management affiliate of Comunale Properties bought the building to expand its footprint in the metro Phoenix area.
The 39,588-square-foot building near Van Buren Street and South 67th Avenue is 1 mile from the Interstate 10 and Loop 202 freeways. It’s also 20 minutes from Sky Harbor International Airport.
The industrial building is fully leased to Action Gypsum Supply, which supplies building materials.
John Comunale, the president of Rectangle and Comunale, said this building will benefit his company.
“We are proud to bring our long-term, institutional-quality ownership and management skills to this new asset,” Comunale said in a news release. “This is great property and a welcome addition to our current Phoenix portfolio.”
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Why Rectangle Investment Management bought Phoenix building
Comunale and Rectangle acquired the building because they believe it will serve a market with sustainable growth.
The property has dock-high and drive-in loading doors, along with a secure truck court.
Vice President of Investments for Rectancle and Comunale Matt Dodge said the building’s 28-foot clear height is noteworthy.
“This clear height is a rarity for assets of this size, but what makes this property even more exciting is its location,” Dodge said in the release.
The Denver company entered the Phoenix market last year when it delivered an industrial development called Chandler Connection. That complex is fully leased to Edwards Vacuum.
