Columbia Arizona 37th Industrial LLC, a company formed by Lincoln Advisory Group of Chicago, bought the 9.48-acre property at 109 N. 37th Ave. in an off-market transaction from Maricopa Industrial Capital LLC, part of Cohen Asset Management Inc. Buyer and seller were represented by Rick Lee of Phoenix-based Lee & Associates Arizona.
"We'd bought the property from Rey West Construction [of Phoenix] when they built it and just reached the end of the life for that asset," says Brandon Delf, Cohen's senior vice president in charge of acquisitions and dispositions. "We renewed the tenant and expanded them into 100% of the building so it was just a good time for us to sell." The tenant, Samuel Lawrence Furniture Inc., had been in the building since it delivered in 1988. The furniture company recently signed a five-year lease extension, Delf tells GlobeSt.com.
Delf says Cohen, which owns additional property in the area, continues to search nationwide for office and industrial product. The acquisition criteria, he adds, is "at and above $10 million and leased up."
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