PHOENIX-Locally based McGillicuddy Property Investments, LLC has acquired a 12,630-sf industrial building for $895,000. The buyers, Tim and Janette McGillicuddy, will use the acquisition, located at 2515 N. 34th Dr., to relocate and expand their business, Tru Temp Equipment, Inc. Tru Temp distributes commercial ice makers and water treatment systems throughout the metro area.
McGillicuddy Property Investments is the buying partnership for Tru Temp. The McGillicuddys will relocate Tru Temp from its current location at 3422 W. Clarendon Ave. to the new property in the near future.
According to Rob Stephens of Cushman & Wakefield of Arizona, Inc.'s Phoenix office, the property had been on the market for less than 30 days and was listed for $895,000. "We had two or three additional offers, but the buyer really wanted the property, since it works well for their business," says Stephens, who with colleague Jeff Stapley, represented seller Phoenix-based Green Holdings, LLC, in the transaction. Stephen Nordberg of locally based Greystone Properties represented the McGillicuddys.
Stephens tells GlobeSt.com that the property, built in the 1980s, sold quickly, which is typical of metro-area industrial assets. "Any building you come upon in the area that's free-standing and small is going to be gone quickly," he notes. "There just isn't a whole lot of this type of product out there."
Though the asset is approximately 20 years old, Stephens doesn't see the new owners making wholesale changes to it. "They'll probably come in and recarpet and clean, and that's about it," he says.
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