Functional industrial flex property with value-add upside located in the desirable Phoenix suburb of Gilbert.
2020 / 1997
455 E BASELINE RD
GILBERT, AZ 85233
Baseline Industrial is a last-mile industrial property consisting of two adjacent buildings and two fenced-in outdoor storage yards located in Gilbert, Arizona (Phoenix MSA). The older of the two buildings, 455 E Baseline Road, is a 36,000-square-foot single-tenant building and was constructed in 1997. This building houses a last-mile packaging facility for the local affiliate of a national newspaper provider. The newer building, 481 E Baseline Road, is a 25,200-square-foot multi-tenant building built in 2020. This facility is leased to four local showroom/warehouse tenants, who have occupied the space since its original opening. The two outdoor storage spaces in the rear of the property are occupied by two separate local businesses, using the space for excess storage. The property is currently 100% occupied at rents that are 25% - 50% below current market rents. This provides an opportunity to add value by bringing rents to market levels and implementing hands-on professional property management and leasing.
The property is located in the northern portion of Phoenix’s desirable Outlying Chandler N/Gilbert industrial submarket. The Phoenix industrial market has seen strong continued growth in demand for warehouse space, resulting in year-over-year rental rate growth of over 13%.