King Ranch Properties picked up the 4501 E. McDowell Rd. building from Facilitec, a 20-year-old, locally based office interior design firm that was looking to infuse cash into its growing business, Marc Bonilla, with Colliers International tells GlobeSt.com. "They had some down years after 9-11 and in order to diversify, they pulled some money out of the real estate and put it back into the business," he says of the former owner and now new tenant, who found a buyer for its general industrial property in just two months.
Bonilla says Facilitec will pay a lease rate of 60 cents per sf to 70 cents per sf to stay at its five-year address. He and Bob Broyles, also with Colliers International, represented the buyer in the transaction while Lance Ross and Nathan Thinnes, both with Cushman & Wakefield of Arizona Inc., handled the deal for the seller.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
