X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TEMPE, AZ-An envelope manufacturing and distribution firm has sealed a deal on a 47,504-sf, partly leased industrial building that will give the company room for future expansion.

Harl Street LLC, formed by the owners of Arizona Envelope Co., purchased the single-story industrial and office complex at 7248 S. Harl in a 90-day transaction for about $2.7 million, Steve Mardian, senior vice president with Grubb & Ellis Co.’s industrial division, tells GlobeSt.com.

“With the financial markets the way they are, they were able to get a cheap interest rate which allowed them to own rather than lease,” said Mardian, who negotiated the sale for the buyer. The seller, CCT Investments LLC of Scottsdale was represented in the transaction by George Myers with MC Capital.

The company, formerly located at 1520 W Mineral Rd. in the same Elliott Road-I-10 Industrial Park, will occupy about 27,000 sf. The remaining space currently is leased to Infolder, a division of Masco, a Michigan conglomerate, Mardian said. Arizona Envelope will expand into that space once the lease expires, he added.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.