Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TEMPE, AZ-Paramount Windows has purchased the 131,000-sf building it’s leased for more than two years from Southern Avenue LLC, a Phoenix-based partnership, for $5.8 million.

According to Patrick Harlan, director of Phoenix-based Cushman & Wakefield of Arizona Inc., Paramount’s owner, from the start, had intended to purchase the property at 550 W. Southern Ave. “I think he was coming out of another lease at the time and wasn’t ready to buy, but he wanted to reserve the right to purchase the building when we structured the lease for him a couple of years ago,” Harlan tells GlobeSt.com.

Harlan, along with C&W Arizona’s Steve Sayre and Lindsay Erickson, represented Paramount Windows in the negotiations. Pat Feeney and Dan Calihan with CB Richard Ellis Inc. in Phoenix were on hand for the seller.

Harlan adds the lease and purchase agreements were two separate transactions, with the quoted leased rate averaging 30 cents per sf, triple net per month. “The sales price was a fixed price we negotiated at the start of the lease,” Harlan explains.

Paramount, which manufactures windows for the new home construction market, has grown quickly because of the booming Phoenix population, Harlan says. “They entered this transaction with the understanding that the building would satisfy their business growth in the years to come,” he adds.

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


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.