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TEMPE, AZ-An office/warehouse building that sat vacant for nearly two years has found a buyer who plans to renovate the structure and put it back on the market for a quick $1-million profit.

Phoenix-based Action Performance Cos. sold the 46,614-sf office/warehouse in the Hohokam Industrial Park for $1.44 million to Robert Coleman Trust in an all-cash deal that shaved $60,000 off the original $1.5-million asking price, Insignia/ESG associate director James Harper tells GlobeSt.com.

Harper said the new owner is renovating the structure, located at 2401 W. First St. near 51st St. and Rio Salado Parkway, and plans to put it back on the market for $2.4 million. The building may also be available for lease at rates in the $40 per sf range, he said.

“This is a building that needed a little love,” said Harper, noting that the property was in major need of renovation at sale time. “All it needed was a little lipstick and the building will be extremely valuable.”

The two-story building has about 16,000 sf of office space, five loading docks and warehouse and manufacturing facilities. It sits on nearly three acres near Sky Harbor Airport and Interstate 10.

The former owner, a motor sports memorabilia and collectibles firm, was subletting the building until about two years ago when the last tenant moved out and the property went on the market. Harper said another broker who marketed the property had little success with finding a buyer, but within 30 days after Action Performance signed on with Insignia, the company had two offers.

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