Tempe BTS LLC, which develops Federal Express properties, paid $4.4 million for the Tempe site at 1616 N. McClintock Dr., which was owned by Freedom Newspapers of Arizona, the parent company of Tribune Newspapers. The property's new owner plans to construct a build-to-suit ground transportation distribution center for FedEx with completion scheduled by mid-2004, Bruce Calfee with Grubb & Ellis|BRE Commercial tells GlobeSt.com.
Calfee says the industrial-zoned property, which was originally purchased by Freedom Newspapers for $6.60 per sf in 1998, is located just a short distance from both Loop 101 and 202 and will give FedEx easy access to much of the East Valley. Calfee who negotiated the initial sale with Freedom Newspapers five years ago, also served as the chain's representative in this transaction. The buyer was represented by an undisclosed brokerage firm from Pittsburgh.
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