East Valley Industrial Properties Sold to CA Investment Company for $4.7M
CHANDLER, AZ – January 22, 2012 – (RealEstateRama) — A Southern California investment fi rm purchased eight industrial properties for a combined $4.7 million. The entire transaction totalled 54,079 SF with a price per square foot of $86.90.
The buyer, CJV, LLC of Costa Mesa, CA purchased the properties by fulfi lling a 1031 Exchange. Lee & Associates Orange, CA Principal Chuck Noble negotiated on behalf of CJV. Lee & Associates Arizona Principals Jerry Marrell and Nate Bubeck negotiated the transaction for CC Prop, LLC of Westech 10 Corporate Center an d for University & Perry, LLC for the 1920 E. University property.
“We worked diligently to fi nalize an agreement by years-end and both sides strived to resolve remaining issues while focusing on a positive outcome,” said Marrell. “It was a win, win for both parties,” he added.
Three freestanding buildings at Westech 10 Corporate Center totaled 35,960 SF and sold for $3,171,555. The fully-leased buildings each featured grade level loading, 16’-18’ clear height ceilings, extensive parking and close to Loop 101 and U.S. 60 in Chandler.
Also as part of the sale was an 18,119 SF portion of an industrial condominium building at 1920 E. University Drive for $1,594,472. The fully-leased fi ve condominium spaces feature a high-traffi c location, 16’ clear height ceilings, grade level loading and immediate access to the Loop 101 and Loop 202 in Tempe.
About Lee & Associates Arizona
Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, offi ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in the state. Each of the 46 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.
Contact:
Matt DePinto
Senior Research Analyst
Public Media Relations
ph: 602.474.9512
mdepinto (at) leearizona (dot) com
www.leearizona.com
