"After looking at both lease and purchase options, Specified Electrical Contractors decided to purchase for a variety of favorable reasons and also because of readily available Small Business Administration financing through Wells Fargo," Andy Ogan, director for the Phoenix office of Insignia/ESG, said in a prepared statement. The property fronts Broadway Road and is close to the 32nd Street-Interstate 10 interchange.
The Arizona-based buyer specializes in design/build of commercial product. It will be relocating from a leased site in Tempe.
The new buy, constructed in 1998, is one of three in the development. The other buildings are designed with 20,000 sf apiece. Ogan says buildings under 10,000 sf are "few and far between because of thin yields for developers" because of land prices.
Ogan and Ken McQueen, also a director with Insignia/ESG, represented the buyer. Mark Krison of the Phoenix office of CB Richard Ellis Inc. bargained for seller, the Chamberlain Family Trust.
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