Sidehill LLC of Willmington, MA picked up the 76,950-sf property at 301 N. 45th Ave. from Phoenix Turney Partners LLC of Phoenix as part of a 1031 Exchange, Don MacWilliam, Insignia/ESG managing director in Phoenix, tells GlobeSt.com.
"This was the buyer's first foray into Arizona real estate," said MacWilliam. "The fact that the building was already occupied by Big O Tires was a significant factor in the deal." The national tire retailer signed a 10-year lease in 2000 on the building, which it uses as a tire distribution center.
MacWilliam said it was exactly the type of property Sidehill LLC was looking for when the investment firm began looking for an Arizona acquisition. "The buyer was looking for well-positioned real estate with a long-term lease and this fit the bill," he added. MacWilliams and his brother, Payson MacWilliams, also a managing director with Insignia/ESG, assisted both buyer and seller in the transaction.
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