YUMA, AZ-A build-to-suit with a long-term tenant is now the property of a Phoenix buyer, who has paid $12.67 million for the one-year-old Alside Distribution Center. The 222,554-sf building sits on a 90-year ground lease held by the tenant's parent company in Cuyahoga Falls, OH.
Building developer Ryan Cos. US Inc. of Minneapolis sold the building at 7750 E. 30th St. because it's a merchant builder as opposed to being a long-term investor, says Barry Gabel, executive vice president in Phoenix for CB Richard Ellis. "The market is good, interest rates favorable and it was an outstanding building with a great tenant," he adds.
Alside Window Co. has a 10-year triple-net lease with two five-year renewal options for the structure in the 240-acre Yuma Commerce Center, an area now undergoing a lot of development and leasing. Associated Materials Inc. is underwriting the ground lease.
Another positive factor for the buyer of record, Merit Yuma 26 LLC, is the 21-acre tract allows for expansion. "It can be expanded by 40,000 sf if needed," Gabel tells GlobeSt.com.
Alside is a manufacturer of vinyl siding, windows and patio doors that's been in business since the late 1940s. "The buyer liked the story of the tenant, liked the story of the building and liked Yuma," Gabel adds. The CBRE team included executive vice president Melinda Korth and senior associate Mark Dancer.
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