PHOENIX-Intravest Development LLC has recently bought its first commercial property in north Phoenix. The Glendale-based real estate firm bought an industrial building situated near Greenway Road and the Interstate 17 for $19 million. Climatec sold the 145,000-square-foot building in a sale-leaseback deal. The company has leased back the building for 10 years.
Johnson Bank partially financed the acquisition. The Maricopa County Assessor's Office reported that Climatec took over the building, which previously housed Hypercom Corp., in 2007. For the full story, go to Phoenix Business Journal .
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