Tom Semancik of the Phoenix office of Colliers International represented the seller, Car Guys of Arizona LLC. Phil Bramsen with Latigo Land & Capital represented the buyer of record, Investors 43SAT LLC.
Semancik tells GlobeSt.com that the disposition results from the seller's decision to retreat from vehicle repair retail space business and a new-found focus on industrial product. The sellers owned the building for four years.
For the buyers, the building was purchased as an investment. A portion of the site will house a Cottman Transmission Center. Semancik says the buyers are master franchisers for Cottman Transmission as well as franchisees in the just acquired building. Other tenants are Mobil Express Lube and Big O Tire. The seller originally was seeking about $1.2 million for the 15-year-old building.
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