Patrick Feeney of CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com that the Warner Crossing Business Park building wasn't even up for sale when buyer Hardy Crossings LLC of Paradise Valley, made a $3.74-million offer.
"The price was very aggressive," said Feeney, who represented buyer and seller, Warner Crossing LLC of Minneapolis, in the transaction.. "It was an immediate deal."
The building houses a distribution center for the Arizona Republic, which holds a seven-year lease on the space. Feeney said the buyers were interested in the property as an investment vehicle that would provide a good return on their money. "They wanted to remove some money they had in the bank making 2% and invest it in real estate," he explained. "That's a trend we're starting to see in Phoenix."
Assisting Feeney in the transaction were Joseph Porter and Dan Calihan, both of CB Richard Ellis' Phoenix office.
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