Harrison Properties, a Phoenix investment firm that holds a local portfolio of more than two million sf, purchased the 3750 W. Indian School Rd. building along with 16 acres of land for $3.15 million with plans to lease the space to new tenants.
Rob Stephens of Cushman & Wakefield of Arizona Inc., who helped negotiate the deal for Lucent, tells GlobeSt.com that the property, built in 1958, had been on the market since the high-tech firm vacated the site in mid-2002.
The Santa Clara, CA-based Lucent, which still has offices in the Phoenix market, laid off most of its employees and closed the West Phoenix facility earlier last year as part of a restructuring effort following plummeting stock values.
Stephens was assisted in the negotiations by Jim Wilson of Cushman & Wakefield of Arizona Inc., and Sabrina Hughes of Cushman & Wakefield's Walnut Creek, CA office.Jim Harrison of Harrison Properties negotiated the transaction for the buyer.
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