The seller of record is Carl Greenwood/Phoenix Investors 7 LP, which had signed Access Technology to 24,000 sf before bringing the holding to market on a "for sale" or "for lease" basis. Andy Markham, vice president with Phoenix-based Grubb & Ellis/BRE Commercial LLC, says there are four years left to go on Access Technology's lease for the 7001 W. Erie St. property, originally built as a light manufacturing and warehouse operation for the newspaper.
Though the new owner's portfolio consists of primarily office buildings, it's no stranger to industrial facilities. Markham tells GlobeSt.com that the investment group was interested in Chandler Tech Center because of its location and price--and especially because it's industrial space. "Industrial space is becoming scarce," he says. "It's expensive to build, and the buyer was able to get this for a lot less than the replacement value."
The buyer, who will hang onto the deed for the long term, has no huge renovation plans in mind since the building was in more or less mint condition. "The seller repainted the outside of the building, mainly to get it into leasing condition," Markham says. "They marketed this as a lease or sale and our buyer bought it as an investment." He says there already are two prospective tenants interested in the balance of the 11-year-old building, which is being market at 65 cents per sf, triple net.
Grubb & Ellis/BRE's senior vice president Mike Haenel teamed with Markham to negotiate the buy side, ICP 2900 LLC. Dave Johnson and Jerry Marrell with Phoenix-based Lee & Associates Arizona represented the seller.
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