JANCO III LLC, a limited liability company, in a partnership with Chicago-based United Insulated Structures, has paid $4.6 million for the warehouse-distribution facility at 5445 W. Missouri Ave. The purchase price equates to nearly $43.40 per sf. Jim Lewis, a Phoenix-based private investor, is the seller.
The project is in the heart of the fast-growing Glendale area and about four miles west of Interstate 17 and five miles east of Loop 101. JANCO III, LLC plans to expand the building and add freezer capability to meet the demand for small bay freezer-cooler space in the Valley. As little as 18,000 sf will be available to lease, say company officials. European Imports, also headquartered in Chicago, will lease 35,000 sf in the building.
Broker Bruce Calfee of Grubb & Ellis Co.'s Phoenix office has represented the buyer.Broker Stein Koss of the Phoenix office of Lee & Associates has acted on the seller's behalf.
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