"The buyer bought this for the income stream, as a net-leaseinvestment," comments Mark Krison, senior vice president with CBRichard 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 3425E. Van Buren St. for its "just-in-time" distribution facility ofbaked goods.
Krison tells GlobeSt.com that "quite a few" offers came in forthe space, with Woodspear obtaining ownership rights because ofavailable 1031 exchange funds. Woodspear was represented by ThomasLouer of Lee & Associates' Phoenix office.
Woodspear is the second buyer for a piece of the condominiumdevelopment. Last spring, Pittsburgh-based WESCO Internationalacquired 82,450 sf of space for its own use. The company moved induring May 2008.
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