Tony Lydon, senior vice president in Phoenix for Grubb & Ellis Co., represented the building owner along with Marc Hertzberg, vice president. Alta Industries is the seller of 2950 W. Catalina in West Phoenix. Buyer International Sunprint used Robert Chester of Realty Executives in Phoenix to negotiate the acquisition.
Lydon says the property was on the market six months. "That's very good in this environment," he tells GlobeSt.com.
International Sunprint was swayed by Arizona's reliable power supply and also was scouting for room to expand, which the purchase provides, according to Lydon. The firm has brought 40 workers from California and is in the hiring mode. As a plus, the former Consumer Corporate Building, vacant throughout its listing, underwent a renovation.
The industrial holding is situated in the Black Canyon submarket and close to the Grand Avenue Industrial Corridor, boasting older product and high-density numbers with a single-digit vacancy. "It's one of the few submarkets in Phoenix and the country with single digits," Lydon explains.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.