TEMPE, AZ-Two small businesses scooped up a pair of 9,801-sf industrial buildings before they went on the market, paying a total of $1.25 million for separate properties in the Tempe Commerce Center.
“They didn’t even get to market. We had two buyers right away,” Andrew Ogen of Insignia/ESG tells GlobeSt.com.
Padilla-Houston, LLC, a partnership formed by the principals of environmental engineering company, Geotechnical Consulting and Testing, paid about $615,000 for one 9,801-sf building at 6103 South Maple Ave. while sign manufacturer Mountain States Specialties, Inc. purchased the second 9,801-sf structure at 6125 S. Maple Ave. for $625,000.
Ogen said former owner South Maple Projects Inc. had one loan on both properties and needed to sell them together when it was approached by the two buyers, both backed by Small Business Administration financing.
“We had been looking at larger properties so when these became available, they were just gobbled up,” said Ogen, who represented the seller along with broker Ken McQueen. “It was just good timing.” Ogen said the new owners each plan to lease about one-third of the space and occupy the remainder.