X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TUCSON, AZ-Presson Companies of Phoenix has purchased a 77,242-sf industrial warehouse/distribution building for $2.4 million in an all-cash deal. As part of the transaction, the buyer has inked a five-year leaseback to Border States Electrical Supply Co. of Fargo, ND.”There were a number of people looking at it, but these guys came in with a quicker deal,” Rick Danis, a senior associate at Grubb & Ellis/BRE Commercial, tells GlobeSt.com. Speed in closing and bringing cash to the table made Presson the preferred buyer in this deal, he explains. “They’ve got a track record and they perform, whichmeans they do what they say they’re going to do,” Danis adds.Located at 763 East MacArthur Circle, the building was constructed in 1986. No improvements are immediately planned for the property, although Danis does not rule out possible repainting and parking lot work in the not-too-distant future.The building is fully leased by Border States, although it is capable of operating as a multi-tenant facility. The seller has signed a five-year lease with Presson for a total consideration of approximately $1.3 million. The lease includes 3% annual increases during the term.Danis, Paul Boyle and Eric Wichterman of Grubb & Ellis/BRE Commercial represented both the buyer, Good Sam Professional Building LLC, and the seller, Four Star Investments South LLC. The LLCs are the legal entities representing Presson and Border States, respectively.

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?

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