X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Picture Perfect Gallery, a local framing and interior design company, has made the move from tenant to landlord with the $2.5-million, off-market purchase of two industrial buildings, totaling 45,280 sf.

The 1970-constructed complex is situated on 3.4 acres at 3212 and 3232 W. Thomas Rd. “I leased them 18,600 sf in that two-building complex two years ago. Due to expansion, they decided to buy both buildings,” says Steve Bodeman, executive vice president and principal of GVA Daum, who represented both buyer and seller, 111 Connecticut Partners, a San Francisco-based investment firm.

Bodeman tells GlobeSt.com that Picture Perfect, from the start, had wanted to own the property. “They were tired of paying rent,” he says, adding that, while some deferred maintenance will be done, the buildings are in good shape.

Picture Perfect will take an additional 5,000 sf. About 8,000 sf is occupied by American Medical and Anderson Glass. Bodeman is marketing the balance of the space. As for the seller, Bodeman says “he was interested in getting money back to California, which is why he was open to the deal.”

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

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.