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PHOENIX-A single-tenant industrial building that has sat vacant for a year has been sold to a Phoenix buyer who plans to use the property for a landscaping business.

KFJ Investment LLC paid $672,500 for the 13,970-sf building on a 52,800-sf parcel to corner a new location for its Gold Canyon Landscaping. Seller Baroud Arizona LLC of Arlington Heights, IL originally bought the property at 3145 W. Lewis St. in Phoenix to use for its telecommunications business, but closed its Arizona operation after the market went soft, Michael Milic, with Colliers International, tells GlobeSt.com.

Milic said the Illinois company twice lowered its price from an original $749,000 because of sluggish market activity. “The market right now probably represents a good deal for buyers” of industrial property, he says, noting that the lowered price brought the seller an offer just three months after the building went on the market.

Milic and Jim Ryder, also with Colliers International, represented the seller in the transaction. The buyer was represented by Anthony Nocifera with Daum Commercial Real Estate Services of Phoenix.

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