The property, built by SunState Builders and owned by Chamberlain Trust of Phoenix, recently sold for close to $4 million to Greenwood & Son, a Tustin, CA-based general partnership, which promptly rented out the space with a seven-year lease to AMEC Earth & Environmental Engineering. "It was a tough deal to have a lot of interest in because it was half built out," Rob Stephens with Cushman & Wakefield of Arizona Inc.'s Phoenix office tells GlobeSt.com about a property, built out for TravelBridge, a travel firm that backed out of its lease after tourism suffered a major blow following the terrorist attacks of September 11.
But recently, interest in the building took a turnaround. Stephens says several prospective buyers made offers on the property, but it was Greenwood's high bid and the building's $2.5-million triple net lease to AMEC, a environmental and engineering firm on the London Stock Exchange, that gave the property new life.
The firm, which will move from 28,000 sf at 3232 W. Virginia Ave. in West Phoenix, will use the building for laboratories and offices. The move-in takes place in the coming weeks.
Stephens negotiated the AMEC lease and the building sale for Chamberlain. Dave Johnson and Jerry Marrell, both with Lee & Associates Arizona's Phoenix office, also assisted Chamberlain in the negotiations. Greenwood was self-represented in the transaction.
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