Turner Development Corp. has paid $3.5 million for the property, which is located at 1822 Reynolds. The building is currently 100% occupied by Newport Adhesives and Composites, which has a short-term lease here. "We bought the property at a good price because there is a very short-term lease in place," says Rusty Turner, president of Turner Development Corp. "We will either renew the tenant or rehab and resell the property," he adds.
Turner Development Corp. was represented by John Griffin of Voit Commercial Brokerage in the transaction. John Pagliassotti, also of Voit Commercial Brokerage, acted on behalf of the seller, Fujita.
"Our ability to close on this acquisition just 39 days after being presented the information allowed us to take advantage of a great opportunity," Turner comments.
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