23,000-SF Industrial Building Brings $1M Plus

Matt Hobaica and Stein Koss, both of Phoenix's Lee & Associates Arizona represented the seller, Mission Viejo, CA-based Irvin Investments in the deal. Hobaica tells GlobeSt.com that the building was advertised at slightly less than $1.2 million. Maslonka, an underground equipment, material and installation company, needed to get into the building before the deal closed, says Hobaica, so it paid about $1 million for the building and four months of rent to meet the original asking price.

Hobaica says the structure was on the market about six months, with interest culminating in four offers. Irvin Investments' Park West Industrial, a manufacturer of prefab office buildings, previously occupied the building. Irvin Investments sold the business and the new owners opted to move it out of town, leaving the seller with an empty building to hawk. Hobaica says the under-construction 202 Freeway going in about a mile south of the building was a big draw for prospective buyers.