TEMPE, AZ-A California electrical supply company is entering the market through its $3.53-million acquisition of a 50,450-sf industrial building.

Independent Electric Supply Inc. from San Carlos, CA will begin distribution and warehouse operations at 2626 S. Hardy Dr. in late 2006. Built in 1968, the building formerly housed a regional call center for New York City-based Citicorp Credit Services Inc. The structure was on the leasing market, but the put up for sale by the Denver-based owner, Monaghan Farms. After Citicorp moved out a year ago, finding a single user to take on the lease had been a challenge, according to Greg White of CB Richard Ellis in Phoenix. “So we just decided to sell it,” he says.

White tells GlobeSt.com that the building attracted multiple offers, with the buyer stepping up with strong terms. “The new buyer will modify the building for its particular use,” he says. Rich Sica with Phoenix-based GVA Daum Commercial represented the supply house for the construction industry.

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