PHOENIX-In a move toward expansion, a long-time local garage door manufacturer anted up $2.3 million to buy a 25,621-sf building. The building will be the company's new headquarters, manufacturing plant and warehouse.
Buyer Lodi Garage Doors and More put its sights on the 1981-built facility at 3231 W. Virginia Ave. following a months-long search for an appropriate property. "We looked at a dozen buildings, and just couldn't find the right situation," comments Steve Bodeman, executive vice president and principal with GVA DAUM, the buyer's representative. "He needed some outside storage, which made this a bit of a challenge."
But the facility finalist, owned by Lake Forest, IL-based WW Grainger was a good fit for Lodi, especially with its extra acreage, which will be used for outdoor storage. "We actually made an offer for two Grainger buildings, but this one was closer to Lodi's current location, and we were able to wrap this up more quickly," Bodeman tells GlobeSt.com, adding that the new owner will take the property as is, with little need for renovation anticipated.
The deal between the two parties was structured as a sale-leaseback, as Grainger is constructing another facility, scheduled for a mid-2007 completion. At that time, Lodi will move from its current 12,000-sf location at 3314 W. Osborne Rd. Grainger is paying $14,406 per month, triple net, for its short-term lease through December 2007. Jerry McCormick with CB Richard Ellis Group Inc.'s Phoenix office represented the seller in the transaction.
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