Scottsdale investors Jerry Tokoph, Jr., president of Dimension Financial & Realty Investments Inc., and Steve and Carolyn Teale, who head up the Teale Revocable Trust, have closed on Revlon's former western distribution facility. The warehouse is located at 4301 W. Buckeye Road in the West Valley.
Revlon shuttered the warehouse when sales fell. The company had been one of the state's largest employers with more than 1,400 workers.
The investment group has re-christened the building to the Metro South Corporate Park and plans to market it to manufacturers, and warehouse and distribution tenants with space needs ranging from 30,000 sf to 400,000 sf. The warehouse features a $20-million Automated Storage and Retrieval System, which when retro fitted will be the only fully automated, robotic multi-tenant warehouse system available in the country.
The investment group also has purchased the acreage adjacent to the warehouse that would allow for another 350,000 sf of development. Cashen Realty Advisors, headed by Ray Cashen, has negotiated the deal.
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