Tom Vedres picked up the 444 W. Geneva building in Tempe in a $2.25 million deal with seller The Shidler Group, a national real estate acquisition company, and plans to lease the now-vacant office and manufacturing property.
"His biggest motivation was that he was a 1031 buyer who needed to place his money," Pete Klees, with Grubb & Ellis|BRE Commercial tells GlobeSt.com of Vedres motivation behind the deal.
The two-story property, located one mile from the I-10 and Superstition Freeways, features about 15,000 sf of office space along with a warehouse or production area with six dock high doors and heavy power. The building was occupied for about five years by Unitech until that firm closed up shop two years ago. The building has been vacant ever since, said Klees, who represented the seller in the transaction. The buyer was represented by Carl Johnson with Johnson & Associates.
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