Demand for REO Assets Remains Steady as Lee & Associates Brokers Pair of Bank-Owned Industrial Property Sales in the East Valley
Phoenix, AZ – September 20, 2011 – (RealEstateRama) — Lee & Associates Arizona is pleased to announce the closing of two REO industrial property sales in the East Valley. The vacant 30,552-square foot warehouse building at 150 South Dobson Road in Mesa sold for $735,000, or $24 per square foot. Lee & Associates Principals Matt Hobaica, Chris McClurg and TJ Swearengin represented the seller, National Bank of Arizona. Pat Mahoney of Arizona Commercial Real Estate Services represented the buyer, Units, Inc. The warehouse was built in 1977 and has both grade-level and truck-well loading access.
The Mesa warehouse property was previously acquired in March of 2007 for nearly $2.6 million by an owner-user. The buyer, however, defaulted on the loan and foreclosure was initiated in late 2008. The new owner, Units, Inc., bought the building to expand their local footprint and operations. The company will relocate from a smaller nearby property and will take occupancy in November. Units, Inc. specializes in portable storage units for businesses and households that are moving or need additional temporary storage.
In the second transaction, Lee & Associates Arizona arranged the REO sale of the flex/light distribution building in the Stellar Airpark located at 4129 West Milky Way in Chandler. The 10,523-square foot building sold for $690,000 or $66 per square foot. The same Lee & Associates team represented the seller, National Bank of Arizona, and the buyer, PRS Property Management, handled representation in-house. The building was constructed in 1992 and has direct taxiway access in the Stellar Airpark.
The Milky Way building was reclaimed by the lender in April of this year, after the debt service for the notes on the property could not be met by the original buyer. PRS Property Management will likely hold the asset for future company expansion. PRS Property Management offers multiple residential services including property management, for-lease listing service, accounting and tenant relations.
About Lee & Associates Arizona Research Division
In addition to celebrating 20 years of leadership excellence in commercial real estate in the Phoenix market, Lee & Associates is one of the largest national commercial real estate providers with regional expertise. Lee & Associates currently has more than 40 offices located throughout the nation. Clients of Lee & Associates Arizona enjoy a comprehensive range of specialized commercial real estate services including: industrial, multi-family, office and retail property sales and leasing; real estate investment consulting, property acquisition and disposition; tenant representation and relocation, land assemblage. The Phoenix office of Lee & Associates was established in 1991 as the first office to open outside of California. The Lee & Associates model – empow ering agents as owners of the company – attracts industry-best real estate agents and has fueled the Phoenix office’s growth from 12 brokers in 1991 to nearly 40 brokers today.
