Kinetic Systems inked a $1.4-million deal with the Coneen Family Trust of El Cajon, CA that delivered the title to 2825 W. Thomas Rd. while allowing the company to remain a tenant for the next three years at a lease rate of about 32 cents per sf with annual increases. Paul Boyle, senior vice president with Grubb & Ellis/BRE Commercial tells GlobeSt.com that the Santa Clara, CA-based Kinetic Systems put the property on the market about a month ago after considering a possible relocation of its pipe fabrication factory. "As soon as we saw the offering, we began working with the buyers," Boyle says, noting that it is the fourth industrial property purchased in Phoenix by the new owners in the last few years.
Boyle and Rick Danis, a senior associate with Grubb & Ellis/BRE Commercial, negotiated on the buyer's behalf. The seller was represented by Bill Hunsacker with Dallas-based Staubach Co.'s Phoenix office.
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