2336 E Magnolia St, Phoenix, AZ 85034

Rein & Grossoehme is pleased to present the sale of a ±28,132 SF single-tenant industrial property on ±2.36 acres in Phoenix's premier Sky Harbor Airport submarket. Offered at $8,100,000 representing a 6.65% cap rate, the property is fully leased to Alliance Ambulance of Arizona, LLC — a Global Medical Response company and parent of AMR — on a new 10-year NNN lease extension through October 2036 with ~2.2% annual rent escalations and two 5-year renewal options at fair market value.

The site consists of two buildings: Building A at 2336 E Magnolia St (±18,400 SF) featuring six grade-level doors ideal for fleet and warehouse operations, and Building B at 2333 E University Dr (±8,700 SF) with private offices, bullpen area, three restrooms, and a break room. The fully asphalt-paved, low-coverage site is zoned A-2 Heavy Industrial by the City of Phoenix, allowing for a wide range of uses including fleet operations, warehousing, manufacturing, and outdoor storage.

Located immediately south of Phoenix Sky Harbor International Airport, the property is surrounded by institutional industrial tenants including Amazon, DHL, Iron Mountain, Fastenal, and Sundt with immediate access to I-10 and Loop 202. The infill airport submarket continues to benefit from strong demand and limited supply of heavy industrial zoned land. Over $1.15M in planned capital improvements will further enhance the property's value and long-term appeal.

Structured as a true NNN lease, landlord responsibilities are limited to roof and structure only. The tenant — an essential-use, recession-resistant emergency medical services operator — covers all property taxes, insurance, utilities, HVAC, parking areas, and general maintenance, providing investors with a low-management, stabilized income stream backed by a nationally recognized operator.