Andrew W. Markham, senior vice president with Grubb & Ellis/BRE Commercial LLC's Phoenix office, says the Orange County, CA-based buyer leased the building at 200 S. 49th Ave. beginning in 2005. The lease included an option to buy as long as it was exercised by the third year. "They made it, just under the wire," Markham says. He and Grubb & Ellis/BRE senior vice president Michael C. Haenel represented the buyer.
Markham says the new owner won't need to make many improvements to the building. When the company expanded to Phoenix in 2005, it installed and added 20,000 of freezer and cooler space to the 17-year-old building. "They intended, from the start, to buy this building," Markham tells GlobeSt.com. The quoted lease rate for the building had been 30 cents per sf, net.
Grubb & Ellis/BRE senior vice president Anthony J. Lydon and first vice president Gary Anderson, represented the seller. In August 2007, Silagi Development sold a massive portfolio consisting of three million sf in Arizona and Southern California to Muller Co. and GE Real Estate for an all-in price tag north of $460 million. "Silagi's back and looking for more deals," Markham emphasizes.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
