The buyer, Capital Electric Co, paid $1.25 million for the property, and leased it back to Frito until their new facility is completed later this year. After that, Capital Electric plans to move its operation to the property from leased space in the Columbia Pacific Industrial Park. Capital Electric is owned by Darrell McNeel.

"(Capital) is a successful company looking at potential expansion and desiring an ownership position," Tony Reser, the Cushman & Wakefield broker who represented Capital, tells GlobeSt.com. "It's located in a very desirable location and it allows them room to grow and have yard area for their vans."

The sale price equates to $62 per sf on the building and over $5 per sf on the excess land, which is very near replacement cost. Four offers were received for the property, which was never actively marketed or listed for sale, says Tom Talbot, the Grubb & Ellis broker who represented Frito Lay with partner Steve Barragar. "It's an indication that well established local businesses will step up and pay a very good market price for existing buildings in good neighborhoods," Talbot tells GlobeSt.com. "It also demonstrates a lack of good properties for sale."