The buyer, a partnership formed by the principals of Adolfson & Peterson, paid seller John Lee Wade Jr. of Phoenix more than $1 million for the deed to the 5002 S. Ash St.building. The staff will move into the structure May 1.
"It was originally being offered for lease, but due to the softness in the lease market, the owner opted to put it up for sale," Insignia/ESG director Ken McQueen tells GlobeSt.com. "The owner saw an opportunity to sell it at a nice number."
McQueen said the buyer, a national contractor with offices in Colorado, Minnesota and Arizona, formerly had its regional office in about 6,000 sf at 2445 E. Chambers St. in Phoenix, but was looking to expand and upgrade its facilities when it decided to buy the Ash Street building, which had been available for lease for about a year.
McQueen, along with Insignia/ESG associate Andy Ogan and associate director Ray Harris negotiated the deal for the buyer. The seller's interests were handled by Eric Jones with Commercial Properties in Tempe.
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