POS Investments LLC purchased the property for $2.3 million in a move that gives the firm expanded operating space and a distribution facility close to the Valley's freeway system, Rick Danis with Grubb & Ellis/BRE Commercial tells GlobeSt.com. The firm will move into the new facility in January.
"It's a good, clean, functional building for their business and is well located with all the features that a distribution use would require," Danis says of an inbound tenant whose identity is being kept under wraps due to the high-priced inventory that will be stored in the structure near Broadway and 32nd Street. "They're expecting an expansion in their business and this facility will enable them to meet the increasing demands of their marketplace."
Seller Saxton Inc. of Phoenix, which also sold its cleaning supply business, put the property on the market for about $2.6 million about nine months ago, says Danis, who along with Paul Boyle, Mike Haenel, Andy Markham and Marc Tuite, all with Grubb & Ellis/BRE Commercial, represented the seller during the transaction. The buyer was self-represented.
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