"With interest rates so low, we're starting to see people buy buildings rather than lease," Harper said in a prepared statement, "and that's the case with Kwik Products." Fernando Iacona, owner of Kwik Products, spent $977,632 for a 17,615-sf industrial facility at 4801 S. 35th St. in Phoenix. It will be used as a manufacturing site for replacement heads and accessories for gas and electric weed trimmers.

In addition to Harper, the Insignia/ESG team consisted of director Ken McQueen and associate Andy Ogan. The Insignia team represented the seller, Phoenix-based Highland Avenue Industrial LLC. Harper says the seller purchased the 27-year-old building just six months ago, with the intent to renovate and sell. "With a minimal cash outlay, they were able to turn the building around and make a profit," he says.

Harper says Kwik Products is moving from a small leased facility at 38th Place and Broadway Street in Phoenix. Iacona was represented by the Phoenix office of DAUM Commercial Real Estate.

The building is commonly known as the Red Diamond Facility because it was leased by the metals manufacturer for several years prior to its transfer from EV Investments to Highland Avenue Industrial.