GRT Land Co. LLC picked up Aztec I and II at 110 and 111 S. 41st Ave. in Phoenix in a deal that gave its affiliate, ITC Manufacturing Co., a maker of retail rack systems, a permanent home in a building it had occupied for several years. "They needed to own the asset and were able to work with the owner to create a win-win" situation, Tony Lydon, an industrial adviser for Grubb & Ellis|BRE Commercial LLC, tells GlobeSt.com.
Lydon said GRT Land Co., an investment group, made an offer on the buildings to seller Life Investors Insurance Concept of America even though the property wasn't on the market. "The institutional owner was able to liquidate at a price acceptable to them and our manufacturer can spend a lot of money on the plant and know they will be able to stay there for along time." Lydon said.
Both parties in the transaction were represented by Lydon along with Marc Hertzberg, also in the industrial group, and investment advisers, Rick Danis and Paul Boyle, all with Grubb & Ellis|BRE Commercial.
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