Harl Street LLC, formed by the owners of Arizona Envelope Co., purchased the single-story industrial and office complex at 7248 S. Harl in a 90-day transaction for about $2.7 million, Steve Mardian, senior vice president with Grubb & Ellis Co.'s industrial division, tells GlobeSt.com.
"With the financial markets the way they are, they were able to get a cheap interest rate which allowed them to own rather than lease," said Mardian, who negotiated the sale for the buyer. The seller, CCT Investments LLC of Scottsdale was represented in the transaction by George Myers with MC Capital.
The company, formerly located at 1520 W Mineral Rd. in the same Elliott Road-I-10 Industrial Park, will occupy about 27,000 sf. The remaining space currently is leased to Infolder, a division of Masco, a Michigan conglomerate, Mardian said. Arizona Envelope will expand into that space once the lease expires, he added.
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