TEMPE, AZ-A local investment group comprised of executives from Chips Unlimited Inc. has acquired a 40,000-sf industrial building for $2.9 million. The company, which makes latex chips for polyurethane industrial floor coatings, occupies 13,750 sf of the building.

“Chips Unlimited will continue to be a tenant in the building and will use it as an investment,” says Cal Johnson, a vice president with Commercial Properties Inc. in Pnoenix. Situated on 2.5 acres at 525 S. McClintock Ave. within Marquis Business Park, the building is more than 90% occupied by local tenants on medium-term leases, he says.

Johnson tells GlobeSt.com that the building previously was listed with other brokers, sitting on the market for two years due to a high vacancy. He picked up the listing, leased up the building and sold it after six months on the market. Chips Unlimited was one of three offers for the 1970s-era building, he says.

Johnson represented the seller, McClintock Properties LLC of Phoenix. Ched Eckert of GVA DAUM’s Phoenix office bargained terms for the buyer.

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