"We were waiting for the right buyer at the right price," Steve Lindley, a vice president with Trammell Crow Co. in Phoenix, tells GlobeSt.com about the sale to Philip and Florence Jones. "A guy comes in with a 1031 Exchange and buys it and he's happy with it. Location was probably the most important aspect about the deal."
Seller Kerry Wilkinson of Chandler released a late 1970s building at 2401 E. Magnolia St. with two tenants. Tec Top Inc., a distributor and seller of custom stone products for homes, occupies 12,000 sf and KLK Inc., a precision machine shop servicing the semiconductor and aerospace industries, leases 20,000 sf. Monthly rent totals 50 cents per sf.
The property was on the market 45 days before escrow negotiations began. The previous owner had canceled an escrow before the Jones' offer came to the table. Besides Lindley, Bob Buckley and Tracy Cartledge, both with Trammell Crow in Phoenix, represented the seller while Ken Hulbert of GVA Daum in Newport Beach, CA, brokered terms for the buy side.
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