"They're renting right now down the street, and they wanted to have a permanent home, which is why they bought this property," explains Rich Sica, executive vice president of GVA Daum's Phoenix office, who represented the local seller, 101 N. 32nd Street LLC & DJN Enterprises, in the transaction.
Sica tells GlobeSt.com that the warehouse portion of the transaction, originally listed at $2 million and marketed for 45 days, received enough interest to boost the closing price to $2.5 million. The adjoining acreage had been offered in a separate deal by the same partners, which Construction Lots obtained for a little more than $1.41 million.
"It was two different sales with one buyer, but they closed at the same time," Sica explains. He says that the buyer plans to convert the property, a 40-year-old warehouse, into a retail center, which will mean extensive renovations to the building and parking lot. "The last user was an aerospace machine shop company," Sica notes. "That company consolidated into a larger facility, moved out, and left the building empty."
Sica adds that Construction Lots plans to use the additional land for storage space. Bob Hayden of Bob Hayden Realty in Phoenix represented the buyer in the transaction.
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