The seller of the 4331 N. 44th Ave. property is Tropic Investments of Phoenix. Service Wire, which manufactures, distributes and services wire and cabling products, will move into the building within 60 days from a 25,000-sf building at 6050 N. 55th Ave. in nearby Glendale, according to Tony Lydon, a senior vice president with Grubb & Ellis|BRE Commercial LLC. He and partner Steve Poole represented the Tropic Investments. Steven Schwartz of Via West in Phoenix brokered the deal for the Huntington, WV-based buyer.
Lydon tells GlobeSt.com that the facility received five offers. "We were successful in selling it to the highest and best buyer," he adds. "Service Wire has been looking for new space for several months because they've outgrown their current facility and also wanted to upgrade their efficiencies."
Lydon says the Popular Outdoors facility is a good fit because of its relatively new, built just five years ago, and is close to Service Wire's existing location. "They didn't want to move too far away and lose employees," he explains. The company now employs abut 50, but plans to double the head count once it moves into the larger building, according to Lydon, who says the facility went dark in fourth quarter 2004 before the outdoors retailer filed bankruptcy. The retailer occupied the structure at least three years.
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