The building hit the market after its major tenant "made a midnight move," Jeff Hays with the Phoenix office of NAI Horizon tells GlobeSt.com. He represented both sides of the deal. The buyer is one of the metro region's largest commercial sign and lighting companies.
The East Chambers Street buy is a result of a 1031 Exchange in which Fluoresco sold a building at 4235 East Wood St. in Phoenix for $535,000 to its neighbor, State Seal. Hays represented Fluoresco in that transaction as well. The Tucson-based firm has seven offices in the western US and more than 300 employees. The new buy is fully air-conditioned and boasts 15,000 sf of office space.
Hays says the metro Phoenix market is on the upswing. His radar screen is lighted with users looking to purchase rather than lease space. Hays believes the availability of smaller buildings will increase considerably in the coming six to 12 months as banks begin to foreclose on those companies being hit the hardest by the ailing economy. "With the number of bank-owned properties going up, there will be even more opportunities for users looking for buildings to buy," he says.
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