Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.