Camelback Properties LLC bought the industrial property at 40 S. 45th Ave. from Relizon Co., a Delaware registered printing corporation, which will relocate to a smaller building in early 2003. Relizon presently occupies about half of the 45th Avenue structure.
Mesa-based Atlas Roofing, now leasing at 222 S. Date, has taken a 10-year lease on the 45th Avenue facility and plans to relocate once Relizon vacates. That lease is worth about $2.7 million over the 10-year term, Rob Stevens, with Cushman & Wakefield of Arizona Inc. tells GlobeSt.com.
"It was a pretty good deal for the buyer," Stevens said, noting that Camelback Properties acquired the facility for below market value after it sat on the market for about one year. Stevens represented the buyer in the transaction, Allen Lowe and Bill Gosnell, both of Lee & Associates Arizona, represented the seller.
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