"We had a lot of activity on the building," says Nathan Thinnes, an associate with Cushman & Wakefield of Arizona Inc. who teamed with Rob Stephens and Warren Johnston to represent the seller. Gary Anderson and Tony Lydon with Grubb & Ellis/ BRE Commercial LLC in Phoenix negotiated the buyer's terms.
Thinnes tells GlobeSt.com that the industrial building, sitting on seven acres at 40 S. 45th Ave. in the southwest submarket, received more than 10 offers. Becknell Development wasn't the highest offer although it made a competitive bid, he says. "They're a well-known entity and we also looked at ability to close and their track record," he adds.
The building, developed in the mid-1970s, was extensively rehabbed in 2002 and 2003. "The owner and the tenant put a ton of money into it so it's been completely updated," Thinnes says.
Potential buyers were attracted to the deal because of the Atlas Roofing lease. "They're a good credit tenant and there's a significant amount of time left on the lease--more than five years," Thinne says. The roofing company moved into the facility in 2003.
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