"Business was going well and they needed a northwest location," Peter Klees, a senior vice president with Grubb & Ellis/BRE Commercial's Phoenix office, tells GlobeSt.com. "If you look at what prices are in Deer Valley, we got underneath the low watermark."Located at 1331 W. Melinda Lane, the building was constructed in 1983 with standard industrial amenities including an 18-foot clear height and fenced yard. The building's interior was refurbished in 2000 following a fire. The property stood vacant at least two years before it was sold, says Klees.
Klees says the buyer obtained a conventional acquisition loan with a piggy-back SBA loan to help cover the purchase. Complete Door & Trim will retain its 26,000-sf Chandler location, which currently handles light assembly, and utilize the new West Valley property for heavier manufacturing. Complete Door & Trim anticipates a May move-in.
The West Valley submarket presently boasts industrial vacancy rates around 13%, slightly higher than the market average, says Klees, who along with Gary Anderson of Grubb & Ellis/BRE Commercial represented the buyer. Jerry Hillery of Cushman & Wakefield of Arizona Inc. negotiated for the seller.
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