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.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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 © 2024 ALM Global, LLC. All Rights Reserved.