"The buyer bought this for the income stream, as a net-lease investment," comments Mark Krison, senior vice president with CB Richard Ellis' Phoenix office, who represented the Newport Beach, CA-based LNR with CBRE sales professional Scott German. Sara Lee, headquartered in Downers Grove, IL, is using the facility at 3425 E. Van Buren St. for its "just-in-time" distribution facility of baked goods.
Krison tells GlobeSt.com that "quite a few" offers came in for the space, with Woodspear obtaining ownership rights because of available 1031 exchange funds. Woodspear was represented by Thomas Louer of Lee & Associates' Phoenix office.
Woodspear is the second buyer for a piece of the condominium development. Last spring, Pittsburgh-based WESCO International acquired 82,450 sf of space for its own use. The company moved in during May 2008.
Krison says the remaining space is on the market for sale or lease, with about a half a dozen groups interested in it. "We could be settling on a buyer or tenant over the next few months," he adds. Space is divisible to 13,000 sf, he adds.
LNR bought the 17-acre development tract for $7.62 million in late 2006 from Lauth Property Group of Indianapolis, keeping the developer in place to build Washington Airport Center. The building was completed in late 2007.
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