Steve Poole, with Grubb & Ellis/BRE Commercial, tells GlobeSt.com that the maker of microwave components, timers and frequency devices sold its 303 W. Deer Valley Rd. facility to RGA Properties of Phoenix in an all-cash 1031 Exchange valued at $450,000.
The new owner, an investment firm, plans to renovate the single-story office building and re-lease it at $12.50 per sf, triple net, the buyer's agent, Tyler Lupton of Cutler Commercial in Phoenix tells GlobeSt.com.
Temex will continue to maintain a presence in the Valley for its sales staff, with a lease of 2,095 sf for office space at Arrowhead Executive Center at 17235 N. 75th Ave. in Glendale, Poole said. Terms of that lease were unavailable.
Poole and Tom Atkinson, also with Grubb & Ellis/BRE Commercial, represented Temex in the sale and lease of its facilities. Bruce Campbell and Susan Evans, both with CB Richard Ellis Inc.'s Phoenix office, represented Arrowhead Executive Center LLC in the lease negotiations.
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