The new owner, Adams Warehouse LLC of South Florida, will use the 3925 W. Adams St. property for storage for its operational arm, Santa's World Theme Park. "They basically needed a building, a warehouse, to store all the things from their theme park during the year when they're not using it," says Rob Stephens, director of Cushman & Wakefield of Arizona Inc. in Phoenix. He and C&W's Jeff Stapley represented the seller, WT Phoenix 1 LLC while Bruce Calfee and Josh Wyss with locally based Grubb & Ellis Commercial/BRE LLC was on hand for the buyer.
Stephens tells GlobeSt.com that the seller originally intended to lease the property because the current tenant, Beltman Moving & Storage, plans to vacate soon. "I advised that in this market, it would be a good idea to sell," Stephens says, adding the listing received a lot of offers.
"The buyer was in there first. And while the price on the property is a little lower than market, the building needed repair and fix-up," Stephens says. "It was built in the mid-1970s and it needed some work."
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