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PHOENIX-In a sell or lease scenario, CB Richard Ellis Investors LLC has put a vacant 530,856-sf build-to-suit on the market. The flex industrial building, once filled by Le-Nature Inc., is being marketed for $104 million.

The Los Angeles-based owner bought the 30-acre plant at 615 N. 48th St. in January 2006 for $88.5 million from its developer, First Industrial Realty Trust Inc. of Chicago. At that time, there was a 25-year lease in place with Latrobe, PA-headquartered Le-Nature, a beverage manufacturing company that closed the Phoenix plant in late 2006 in conjunction with a Chapter 11 bankruptcy filing.

“The ownership of the real estate needs to replace the empty space with a tenant who can produce income,” says Mark Krison, senior vice president for CB Richard Ellis in Phoenix. He and CBRE senior vice president Robert Crum are marketing the building.

“The building had a tenant that went bankrupt, and the object of this marketing program is to sell or lease this to a single-user tenant,” Krison tells GlobeSt.com. “We can go either way with this.” Completed in 2005, the plant is vacant, except for bottling equipment.

Krison says an ideal owner or tenant would be a bottler, food processor or manufacturer or a computer manufacturing company. Although the shuttered plant is a fairly narrow-use product, it does have about 70,000 sf of high-finish office space and freeway frontage. As a result, Krison believes interest in the property will be strong, predicting it could be sold or leased within six months.

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