PHOENIX-A little more than six months after Sara Lee Corp. inked a five-year lease for 74,268 sf in Washington Airport Center, Woodspear Properties has taken ownership of the space from developer LNR Property Corp. The San Marcos, CA company paid $8.9 million for a portion of the 244,768-sf industrial condo building in Central Phoenix.

“The buyer bought this for the income stream, as a net-lease investment,” comments Mark Krison, senior vice president with CB Richard Ellis’ Phoenix office, who represented the Newport Beach, CA-based LNR with CBRE sales professional Scott German. Sara Lee, headquartered in Downers Grove, IL, is using the facility at 3425 E. Van Buren St. for its “just-in-time” distribution facility of baked goods.

Krison tells that “quite a few” offers came in for the space, with Woodspear obtaining ownership rights because of available 1031 exchange funds. Woodspear was represented by Thomas Louer of Lee & Associates’ Phoenix office.

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