SoCal Investor Claims Leased Industrial Pair

A 26,653-sf building at 1248 W. Geneva Dr. and a 14,034-sf building, across the street at 1203 W. Geneva Dr., are part of a 27-asset portfolio that Shidler acquired from San Francisco-based Rreef North America in 1996. Peter Klees, senior vice president in Phoenix for Grubb & Ellis/BRE Commercial LLC, says the San Diego-based seller has been turning over two or three buildings per year from that collection during the past decade.

Klees tells GlobeSt.com that the recent purchase by Joseph Nassar is slightly different from previous sales because both buildings are occupied. "The usual strategy was that we'd bring the buildings to the market when vacant and sell to owner-occupants," he explains.

That was the strategy for two other buildings that were sold from the portfolio. Last May, a California investor paid $1.45 million for a 17,250-sf structure at 1104 W. Geneva St., with a plan to occupy part of the space and lease the rest. About one year ago, Champion Wire bought its location--a 22,887-sf building at 822 W. 22nd St.--from Shidler for $2.6 million. Both buildings are in Tempe.

The Grubb & Ellis/BRE team included senior vice presidents Rick J. Danis and Paul E. Boyle from Grubb & Ellis/BRE and Shidler's vice president Brigham Black. One building remains from the original portfolio: a 28,000-sf warehouse at 731 W. Fairmont, which ON Semiconductor is occupying through a long-term lease. The building is on the market for $2.6 million.