The Desert West Region office of Lincoln Property Company announced the sale of an industrial property at 3720 W. Washington St. in Phoenix.
Cabot III-AZW02 LLC, a company formed by Boston-based Cabot Properties Inc. paid $5.8M to purchase the 82,368 SF industrial property.
The seller was Columbia Arizona Washington IV Industrial LLC, a joint venture company formed by Lincoln Property Company.
The property, which is fully leased to Flexpak Corp., was built in 1996. The Lincoln Property venture purchased the property in 2004 as part of an $11.3M portfolio deal that included 251,745 SF of industrial and office properties in Phoenix, Tempe and Tucson.
Lincoln Property Company is a full service real estate firm offering development, design/construction management and property/asset management services.
Lincoln’s Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001.