The build-to-suit at 651 N. 101st Ave. is a branch office forlong-term tenant Cummins Rocky Mountain LLC, which is headquarteredin Denver. Irving Smokler of Boca Rotan, FL and Peter Lenstrohmfrom Scottsdale, AZ sold the three-year-old building to CarlGreenwood and Jim McKenzie less than six months after theyengineered a trade of the SHPS building at 9305 E. Via deVentura in Scottsdale.

"They'd conducted business together before and the comfort levelwas high," explains Ken Elmer, principal with EBS & Associatesin Scottsdale. The deal's sole broker tells that thebuyer used 1031 exchange money from an out-of-state sale to acquirethe Cummins Rocky Mountain distribution center. "The buyers hadtheir eye on this building back in December and we talked about ita little at the time," Elmer remarks. "Everyone came to anagreement and it sold."

Elmer says Cummins has several years remaining on its lease,providing a steady income stream and relatively new asset for thebuyers. Although Cummins' specific lease consideration isn'tavailable, the average quoted rate is about $1.20 per sf, triplenet in the far west submarket.

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