Chandler Boys Ventures LLC purchased the 601 S. Madison Dr. property in Tempe in a deal with sellers the Dennis M. & Barbara J. O'Hara Trust of Villa Park, CA. Located near University Drive and the Hohokham Freeway, the building has been vacant since June.
"The purchase is a great long-term investment," Trammell Crow Co.'s vice president Ken McQueen tells GlobeSt.com of the building, located close to both the Valley's freeway systems and airport. Chandler Boys Ventures, he says, paid close to the asking price for the property in a deal that "was good for the buyer and seller."
The new owners, who purchased the industrial building as part of a 1031 Exchange, have already rehabbed the vacant property and are considering either a long-term lease or possibly the building's sale, he adds. McQueen, along with Trammell Crow associate Andy Ogan represented both parties in the transaction.
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