The 41,000-sf Farnam Center at 301 W. Osborn Rd. was the pet products manufacturer's headquarters building. Built in the late 1970s, the four-story structure has just one other tenant, Equitable Title Co., which is five months shy of a lease expiration for less 3,000 sf.
Gordon Raguse with Grubb & Ellis/BRE Commercial LLC in Phoenix represented Charles Duff, Farnam's former owner as he had one in the past. "We weren't trying to sell it, but it came along with the buying of the overall business," Raguse tells GlobeSt.com.
The building once housed multiple tenants, including a local radio station. "When Farnam bought it 15 or 20 years ago, he moved his office there and it kept growing," Raguse says. "Now there's only one other tenant in the building."
Raguse says the new owner will keep both the Farnam name and the building for corporate offices. "They're keeping the same staff and pretty much everything is status quo," he adds.
The new owners also don't need to invest in rehab. "The building is in good shape and doesn't need a whole lot of upgrades," Raguse says. "Farnam had done a complete renovation of it over the past five years."
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