Le Nature Facility in Phoenix With 20 Year Lease Sells for $88.5 Million

CB Richard Ellis Web Site - January 30, 2006

First Industrial Realty Trust has sold the 500,000-square-foot 615 North 48th Street in Phoenix, AZ to CBRE Investors. Situated on 30.12 acres of land, the building was a build-to-suit for and is fully leased on a 25-year triple net lease by Le*Nature’s, Inc. Sale price was in excess of $88.5 million.

Le*Nature’s, Inc. produces and markets all natural, fully pasteurized, noncarbonated alternative everages in re-closable plastic bottles. It is also widely recognized as having one of America’s most advanced beverage manufacturing facilities.

The R&D, manufacturing and distribution facility in Phoenix was a build-to-suit constructed by First Industrial Realty Trust for Le*Nature’s, Inc. The state-of-the-art facility includes 70,525 square feet of office space situated throughout the three floors, sky lights throughout the warehouse area, 378 parking stalls, 30 foot clear ceiling height and a 75-foot mounted freeway sign with color video screen totaling approximately 400 square feet in size. Sphere: Related Content