Adams Med-Dent is in the process of moving into a 23,000-sf building at 330 W. Melinda Lane, bought in a near $1.4-million deal from the defunct Aognis Enterprises. The sale rescued the property from a trustee's sale, Robert Deininger, principal with Johnson & Associates Commercial Real Estate Services in Scottsdale, tells GlobeSt.com. To facilitate the move, Adams sold its long-time home, a 6,808-sf structure, at 21619 N. 2nd Ave. Rulapaugh's Mill Works, another cabinetmaker, is the buyer.
Deininger says Adams' new headquarters-shop location was on the market for a month at an asking price of just under $1.9 million. Adams, which used a 1031 exchange for its purchase, did get its asking price for the smaller structure. Deininger represented both sides of the deal in the smaller sale while closing Adams' new buy in conjunction with the courts.
Deininger says the former sheet metal property went under contract the day before the trustee's sale was to take place. Aognis owned the building for 1 1/2 years.
Both buildings are located in the heart of Deer Valley, a rapidly growing industrial hub northwest of Phoenix. The Melinda Lane structure is positioned on 1.1 acres right off the intersection of Loop 101 and Interstate 17 and south of the Deer Valley Airport.
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