Real Estate Media's Newsletter Division
PHOENIX-A local investor satisfying a 1031 Exchange has paid $4.2 million for a 51,866-sf, single-tenant industrial facility leased to Bridgestone/Firestone North American Tire LLC.
The buyer of record, Little Bill LLC unit, is leased to Bridgestone/Firestone until 2021. The 2815 N. 32nd Ave. property was sold by a group of local entities: Cody Farms Inc., Texas Corp., Cobre Tire Center LP and Bradley Associates. Cody was represented in the transaction by Les Fletcher of Coldwell Banker Commercial while Cobre and Bradley interests were brokered by Paul Boyle and Rick Danis with Grubb & Ellis Co.'s local office.
"We paid less than the asking price," Milt Jesman of GVA/Daum's Phoenix office tells GlobeSt.com. The building was on the block about one year before the buyer surfaced. Jesman and the investor were shopping the market six to eight months to find the right 1031 Exchange property. The property appealed to Little Bill because of the length of time left on the lease and the national tenant's strong credit, according to Jesman.
The just-bought property encompasses most of the city block bounded by 32nd Avenue, Thomas Road and Virginia Avenue in Phoenix. Since 1996, the Nashville-based Bridgestone has used the building to retread large truck tires.
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