A 26,653-sf building at 1248 W. Geneva Dr. and a 14,034-sfbuilding, across the street at 1203 W. Geneva Dr., are part of a27-asset portfolio that Shidler acquired from San Francisco-basedRreef North America in 1996. Peter Klees, senior vice president inPhoenix for Grubb & Ellis/BRE Commercial LLC, says the SanDiego-based seller has been turning over two or three buildings peryear from that collection during the past decade.

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Klees tells GlobeSt.com that the recent purchase by JosephNassar is slightly different from previous sales because bothbuildings are occupied. "The usual strategy was that we'd bring thebuildings to the market when vacant and sell to owner-occupants,"he explains.

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That was the strategy for two other buildings that were soldfrom the portfolio. Last May, a California investor paid $1.45million for a 17,250-sf structure at 1104 W. Geneva St., with aplan to occupy part of the space and lease the rest. About one yearago, Champion Wire bought its location--a 22,887-sf building at 822W. 22nd St.--from Shidler for $2.6 million. Both buildings are inTempe.

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[IMGCAP(2)]In the more recent sales, Ryan Herco Products Corp.will remain as a long-term tenant at 1248 W. Geneva Dr., which wasbuilt in 1994. MGI Electronics LLC is the tenant at 1203 W. GenevaDr. "That one has a short fuse, but we think the owner will renewand extend them," Klees says, adding that Nassar most likely willupgrade the 27-year-old building to entice the tenant toremain.

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The Grubb & Ellis/BRE team included senior vice presidentsRick J. Danis and Paul E. Boyle from Grubb & Ellis/BRE andShidler's vice president Brigham Black. One building remains fromthe original portfolio: a 28,000-sf warehouse at 731 W. Fairmont,which ON Semiconductor is occupying through a long-term lease. Thebuilding is on the market for $2.6 million.

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