Custom Exteriors bought a 7,140-sf industrial condo at the business park for $999,600 and American Pile Driving purchased a 7,620-sf industrial condo for $982,980. Both properties are located inside a larger 30,000-sf building. The building's two other industrial condos are expected to close escrow within the next month.
In the first deal, Michael Lloyd and Michael Carrigg of Colliers International represented both Custom Exteriors and the developer, Panattoni Development Co. In the second transaction, Lloyd represented Panattoni, while Brett Holden with Lee & Associates represented American Pile Driving.
"Smaller users are taking advantage of the low interest rates, which happen to be some of the lowest commercial rates in the last 30 to 40 years," says Lloyd. "In addition, values are holding firm for the smaller buildings, which benefits both the developer and the buyer."
According to John Buckel, senior partner at Capital Partners Development Co., these sales indicate the market is still pretty strong and that that there are still pockets of people confident in their businesses despite the economy.
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