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Turnaround Play Eyed for $1.4M Purchase

TEMPE, AZ-The buyer starts renovating a 46,614-sf office/warehouse in a plan to fix and return it to the market for $1 million more than he paid in an all-cash deal. The building, vacant for two years, was sold by Action Performance Cos.

By Beverly Ford | Updated on October 09, 2002

TEMPE, AZ-An office/warehouse building that sat vacant for nearly two years has found a buyer who plans to renovate the structure and put it back on the market for a quick $1-million profit.

Phoenix-based Action Performance Cos. sold the 46,614-sf office/warehouse in the Hohokam Industrial Park for $1.44 million to Robert Coleman Trust in an all-cash deal that shaved $60,000 off the original $1.5-million asking price, Insignia/ESG associate director James Harper tells GlobeSt.com.

Harper said the new owner is renovating the structure, located at 2401 W. First St. near 51st St. and Rio Salado Parkway, and plans to put it back on the market for $2.4 million. The building may also be available for lease at rates in the $40 per sf range, he said.

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