PHOENIX, AZ — December 17, 2025 — A 19,080-square-foot Class B industrial property at 2923 W Weldon Avenue in Phoenix has sold for $4,400,000, reflecting a price of $230.61 per square foot. The transaction closed on December 17, 2025, and underscores continued investor appetite for well-positioned industrial assets in the West Phoenix corridor north of Thomas Road.
The Sheehan | Schumacher Industrial Team at Rein & Grossoehme Commercial Real Estate (RGCRE), led by Patrick Sheehan and Max Schumacher, SIOR, represented the landlord in the transaction.
Key Highlights
- Sale Price: $4,400,000
- Building Size: 19,080 SF
- Price Per Square Foot: $230.61
- Land Area: 1.7 acres (approximately 74,052 SF)
- Property Type: Class B Industrial
- Submarket: West Phoenix, North of Thomas Road
- Representation: Landlord representation by the Sheehan | Schumacher Industrial Team, RGCRE
Deal Metrics at a Glance
| Metric | Detail |
|---|---|
| Address | 2923 W Weldon Ave, Phoenix, AZ |
| Sale Price | $4,400,000 |
| Building SF | 19,080 |
| Price/SF | $230.61 |
| Land Area | 1.7 acres |
| Land-to-Building Ratio | ~3.88:1 |
| Price Per Acre (Land) | ~$2,588,235 |
| Property Classification | Class B Industrial |
| Sale Date | December 17, 2025 |
Transaction Analysis
The $230.61 per square foot price point positions this transaction solidly within the range of recent Class B industrial trades across Phoenix's infill submarkets. Notably, the property sits on 1.7 acres — yielding a land-to-building ratio of approximately 3.88:1 — which provides operational flexibility and adds underlying land value that likely contributed to the premium pricing.
"The West Phoenix corridor north of Thomas Road continues to attract serious buyer interest, particularly for industrial assets with strong fundamentals and generous lot coverage," said Max Schumacher, SIOR, of Rein & Grossoehme Commercial Real Estate. "This sale at over $230 per square foot demonstrates that well-located Class B industrial product in Phoenix's urban core is being priced at levels that reflect its true replacement cost and strategic value."
According to Patrick Sheehan, the property's location within an established industrial node — with proximity to major transportation arteries and central Phoenix's labor pool — made it especially attractive to buyers seeking functional industrial space in supply-constrained areas.
Land Value as a Pricing Driver
At approximately $2.59 million per acre, the implied land value embedded in this transaction highlights a trend across Phoenix's infill industrial submarkets: buyers are increasingly factoring underlying land scarcity into their acquisition pricing. With new industrial development in core Phoenix neighborhoods constrained by zoning limitations and a finite supply of available parcels, existing Class B assets on generous lots are commanding pricing that reflects both the improvements and the dirt beneath them.
West Phoenix Submarket Dynamics
The West Phoenix industrial submarket north of Thomas Road benefits from a combination of factors that sustain demand: central geographic positioning within the metro, established infrastructure, and a tenant base that values proximity to both downtown Phoenix and the broader West Valley distribution network. Class B industrial buildings in this corridor serve a diverse range of users, from light manufacturing to distribution and service operations, creating consistent demand across market cycles.
Market Context
The Phoenix metropolitan area remains one of the most active industrial markets in the Sun Belt region, with infill submarkets experiencing particularly tight conditions. As new construction increasingly concentrates in the far West Valley and Southeast Valley corridors, urban-core industrial properties like the Weldon Avenue asset benefit from limited competing supply and strong occupancy fundamentals. The Sheehan | Schumacher Industrial Team at RGCRE continues to track these pricing trends across Phoenix's industrial submarkets, providing landlord clients with data-driven advisory and execution.
About Rein & Grossoehme Commercial Real Estate
Rein & Grossoehme Commercial Real Estate (RGCRE) is a full-service commercial real estate brokerage based in Scottsdale, Arizona. The Sheehan | Schumacher Industrial Team, led by Patrick Sheehan and Max Schumacher, SIOR, specializes in industrial landlord representation across the Phoenix metropolitan area, with deep expertise in Industrial Outdoor Storage (IOS), single-tenant industrial, and multi-tenant flex properties. With over $525 million in total transaction volume, the team ranks among the top industrial brokerage teams in the Phoenix market.