Skip to content
Wednesday, October 28, 2026 · Today’s edition, 6:30 a.m. ETWed, Oct 28 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

Sierra Ridge pays $31M for fully leased Phoenix warehouse

Newmark arranged the sale of the 123,032-square-foot Southbank Business Park building after it was converted from office use and fully leased.

At a glance

  1. The 123,032-square-foot industrial building sits on about 9.8 acres in Phoenix's Southbank Business Park.
  2. The property was fully leased to three tenants at closing, with Auto House among them.
  3. The sale completes a full-cycle assignment for Newmark, whose team first sold the property to the current seller in 2024.

Newmark arranged the $31 million sale of 3137 East Elwood Street to Sierra Ridge Capital, Connect CRE reported. The 123,032-square-foot industrial building sits on about 9.8 acres in Phoenix's Southbank Business Park. A local investor was the seller. The price equates to roughly $252 per square foot.

The property was fully leased to three tenants at closing, with Auto House among them.

The sale completes a full-cycle assignment for Newmark, whose team first sold the property to the current seller in 2024. Gary Cornish and Nico Burgarello, working with Barry Gabel, CJ Osbrink and Chris Marchildon, led the assignment on behalf of Sierra Ridge, according to the report. Over the roughly two-year hold, ownership completed an office-to-industrial conversion and capital improvement program, and Newmark leased the building to full occupancy before brokering its sale.

Reported by the Deals desk from Connect CRE. Published . Corrections

Related

Real Estate

AXS Opportunity Fund acquires 20-story One North Central in Phoenix

Newmark represented seller Parallel Capital Partners, which bought the 429,120-square-foot tower for $93 million in 2015.

Real Estate

Kimco takes preferred equity in Fritz Farm recap

Newmark arranged $104 million of senior financing from Blackstone-managed funds for Hendricks Commercial Properties' Lexington center.

Real Estate

Shorenstein pays $866 psf for SoHo office in $132.5M Tishman sale

The 155,000-square-foot building is fully leased, with new office leases signed at $70 to $120 per square foot since January 2025.

Real Estate

Namdar pays $62M for 71 Fifth Avenue leasehold

The leasehold price is below the $150 million floated in 2021 and the nearly $85 million Madison Capital agreed to pay upfront in 2016.

Real Estate

Standard Real Estate and Endeavor sell 174,288 sq ft Cobalt center

The Mendota Heights industrial property was fully pre-leased before completion and sold to a private investor, with financial terms undisclosed.

Private Real Estate Dailyfrom Private Wealth Daily

Non-traded REITs, data centers, industrial and manager fundraising. Daily at 7:20 a.m. ET.

Free. Every morning. Unsubscribe from any edition in one click.

From other sections