Dean Geraci is the new owner of 3144 N. Colorado St. He plans to use the structure to operate a fire and flood damage clean-up business. The sale price equates to $69.28 per sf.

The building sits in the heart of the East Valley, just inside the border of Chandler but close to Tempe, Mesa and Gilbert. The Superstition Freeway is less than three miles to the north and Loop 101, or Price Freeway, is about three miles to the west.

Chandler has one of the tightest industrial markets in the Valley. At the start of the second quarter, the vacancy rate for general industrial space had been 5.15% in comparison to the overall Valley average of 5.5%. And the demand for space has created new development, with more than 800,000 sf of general industrial space currently under construction in the Chandler submarket.

The seller is a limited liability company formed by LGE Corp., headed by Dave Sellers, and the Stockwell Corp., headed by Jim Stockwell and Ross Brown Partners. Brokers Jim Stockwell and Mike Goldwater, both of Ross Brown Partners' Phoenix office, have represented the seller in the transaction. CB Richard Ellis broker Bill Bayless of the Phoenix office has acted on the buyer's behalf.