"LGE had been planning the building for a potential client and was ready to begin the construction when the client said they didn't need it. American Technologies was able to get in there and buy it at a discount," explains William D. Bayless, senior vice president with CB Richard Ellis' Phoenix office.
Bayless teamed with sales associate Andrew Brigham of CBRE's Phoenix office and David Consani, executive vice president in the company's San Diego, CA office to represent American Technologies in the transaction. LGE Corp., based in Phoenix, was represented by Bob Kling with Lee & Associates' local office.
Bayless tells GlobeSt.com American Technologies had spent some time in finding new space for expansion. He says the existing buildings didn't provide what the company needed, which was something in the 20,000 to 30,000-square-foot range, which also had room for a fenced yard. The structure at Parkside Lane and 23rd Avenue had the right parameters the buyer needed.
Time was also of the essence in the deal, as American Technologies' lease at 21410 N. 15th Lane had an April 2009 expiration date. "They needed to be out of the space quickly," Bayless says. "The good thing about the building is it's close to their former office."
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