Phoenix’s Papago building sold

Buyer will move manufacturing operations into facility once tenants vacate

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ITC Manufacturing on Thursday announced it purchased The Papago industrial building in Phoenix, Ariz., for $8.2 million. ITC acquired the 170,400-square-foot distribution building from locally based Lorenzo and Mary Ellen Valenzuela as an investment and for future use, according to a press statement. The Papago, located at 430 N. 47th Ave., was occupied at the time of sale by Summit Warehouse and Freeport Logistics, who will remain in the building. ITC plans to eventually consolidate its multiple Valley locations in this one facility on 47th Avenue. ...