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COTTONWOOD, AZ-A 3,971-sf retail build-to-suit for Sherwin Williams Co. has traded hands for $745,000 in an all-cash deal.

The 455 S. Main St. structure rose in 2000. "The Sherwin Williams is a long-term lease that expires in 2010, with four five-year options. They're paying about $45,000 a year," Jamie Medress with Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix, tells GlobeSt.com. He and Marcus & Millichap's Steve Gonzalez handled the sale for Lippow Development Corp. of Martinez, CA.

Medress says the building, developed by Lippow, had been on the market five months and attracted five offers. "We needed to find the right purchaser who understood the Cottonwood market and what's going on up there," Medress says.

The right purchaser ended up being Michael A. Plaia of Irvine, CA, who was represented by Dan Mabery of Coldwell Banker Mabery Real Estate in Cottonwood. Medress explains that, while the buyer was from California, he was very familiar with Cottonwood and was represented by a Cottonwood agent, which made him the logical choice in the seller's mind.

The seller has another building on the market--a 7,000-sf Goodyear Tire store at 6910 E. Southern Ave. in Mesa. "He develops them and sells them," Medress says.

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Net-Leased Retail Asset Sells for $745,000

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