PHOENIX, AZ — September 8, 2025 — A 12,500-square-foot Class B industrial building at 4035 E Magnolia St in Phoenix has sold for $1,600,000, reflecting a price of $128.00 per square foot, according to transaction records from Rein & Grossoehme Commercial Real Estate (RGCRE). The sale, closed in the North Airport submarket, adds to a growing body of data affirming continued capital interest in infill Phoenix industrial assets.
The Sheehan | Schumacher Industrial Team — Patrick Sheehan and Max Schumacher, SIOR — represented the landlord in the transaction, providing industrial landlord representation through the disposition process.
Key Highlights
- Property Address: 4035 E Magnolia St, Phoenix, AZ
- Sale Price: $1,600,000
- Price Per Square Foot: $128.00
- Building Size: 12,500 SF
- Land Area: 0.58 acres (approximately 25,265 SF)
- Property Type: Class B Industrial
- Submarket: North Airport, Phoenix
- Representation: Sheehan | Schumacher Industrial Team (landlord representation)
- Brokerage: Rein & Grossoehme Commercial Real Estate
Deal Metrics Summary
| Metric | Detail |
|---|---|
| Address | 4035 E Magnolia St, Phoenix, AZ |
| Sale Price | $1,600,000 |
| Building SF | 12,500 |
| Price / SF | $128.00 |
| Land Area | 0.58 acres |
| Land Coverage Ratio | ~49.5% |
| Submarket | North Airport |
| Property Class | Class B Industrial |
| Close Date | September 8, 2025 |
Transaction Analysis
The $128.00 per-square-foot price point positions this sale within a competitive range for Class B industrial product in the North Airport corridor — one of Phoenix's most established industrial nodes due to its proximity to Phoenix Sky Harbor International Airport and major freeway infrastructure.
"The North Airport submarket continues to benefit from its central location and connectivity," said Max Schumacher, SIOR, of Rein & Grossoehme Commercial Real Estate. "Class B industrial product in this corridor remains attractive to both owner-users and investors because of limited new supply and strong tenant demand. This transaction reflects pricing fundamentals that are in line with what we're tracking across infill Phoenix industrial markets."
At a land coverage ratio of approximately 49.5%, the 12,500-square-foot building sits on 0.58 acres, a configuration that offers functional site utility while maintaining practical access and operational flexibility — attributes that drive value in infill industrial environments where land constraints are increasingly the norm.
North Airport Submarket Dynamics
The North Airport submarket has historically served as one of Phoenix's most resilient industrial corridors, anchored by proximity to Sky Harbor, the Loop 202 freeway system, and Interstate 10. Class B industrial buildings in this area appeal to a broad tenant base — from distribution and logistics operators to light manufacturing and service companies — ensuring consistent occupancy and rent stability.
According to Patrick Sheehan of RGCRE, the submarket's infill nature limits new construction, which continues to support asset values for existing buildings. "When you look at replacement costs relative to what Class B product is trading for in this corridor, the economics still favor acquisition," Sheehan noted. "That dynamic is driving transactions like this one."
Market Context
The Phoenix metropolitan area remains one of the most active industrial real estate markets in the western United States. While new construction has focused largely on larger Class A speculative developments in outlying submarkets, demand for well-located Class B industrial product in infill areas like North Airport has remained robust. Investors and owner-users alike are drawn to the lower basis, established infrastructure, and proximity to labor and transportation networks that these properties offer.
The Sheehan | Schumacher Industrial Team at Rein & Grossoehme Commercial Real Estate continues to track industrial sale and lease transactions across the Phoenix metro, providing market intelligence grounded in transactional data. The team's pipeline of closed deals — now exceeding $525 million in cumulative volume — offers a granular view of pricing trends, cap rate movement, and demand signals across Phoenix's key industrial submarkets.
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.