The Phoenix-based Fine Woods Manufacturing Inc. estimates it will save $2,000 per month with owning 5202 S. 31st Place versus leasing at 1901 W. Filmore St. in the central corridor, Tom Louer, a principal with Lee & Associates Arizona in Phoenix, tells GlobeSt.com. Thomas Real Estate Investments, the cabinet maker's purchasing entity, bought Southern Gardens from the Johnson Groves Partnership of Phoenix.
"You've got 40-year low interest rates, the attractiveness of upside appreciation and equity owners who want to make the investment," Louer says. "He had the cash and interest, knowing he would be in business for next several years."
The buyer obtained a loan from San Francisco-based Wells Fargo at a 90% loan to value and a fixed-rate interest hovering 6.5%. Escrow lasted about 90 days. Fine Woods Manufacturing is planning an Aug. 1 move from a similarly sized building.
Louer represented the buyer. Bruce Calfee and Rick Foss with Grubb & Ellis/BRE Commercial in Phoenix negotiated for the seller of the 10-year-old structure.
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