Mark Wilcke of the Phoenix office of NAI Horizon represented the seller, David A. Fluegel of Phoenix. Wilcke tells GlobeSt.com that there is tremendous interest from Phoenix industrial users as they seek out buildings to buy instead of lease. The problem is that there is a shortage of product. Therefore, buyers are more likely to pay market prices for their buildings while renters are raking in the deals due to high vacancies. Buyers are still able to take advantage of low interest rates, a national trend that Wilcke acknowledges as one of the major edges for buyers.
The building is a two-tenant, tilt-up concrete structure completed in the mid-1990s. The seller operates a carpeting business on one side and the other is leased to Briggs Weaver. Wilcke says Fluegal plans to move out in six months so that the buyer can move into half of the building. The tenant will remain in place.
Wilcke had the building in escrow 60 days after listing it. The original asking price was about $1.4 million. It is designed with about 3,000 sf of office space and 18-foot clear heights in the warehouse portion. Wilcke walked away with an agent of the month award for the sale, marking his second consecutive honor from the NAI Horizon office.
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