Bruce Calfee, vice president of Grubb & Ellis Co. in Phoenix, negotiated the transaction for the seller, Vaughn Street LLC. Dan Salley, a Grubb & Ellis senior vice president, brokered the deal for the buyer, Hal D. Adamson.
Calfee tells GlobeSt.com that the transaction closed in 90 days. "The buyer basically spent time examining the property and once he was comfortable, it was a fairly short close," he says.
The seller, a partnership of investors from Phoenix and San Francisco, acquired the Tempe distribution corridor holding in 1991, about four years after it came out of the ground. Calfee says the seller got close to his asking price because he was not under pressure to sell. Refinancing, he says, was a definite option. The price dropped a shade because the roof and coolers need replaced, a move that is in the planning stages by the buyer.
© 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.