William Cole of S&B Cole LLC purchased the 215 S. 23rd St. building for $900,000 in a 1031 Exchange that bought a five-year lease with a single tenant, D-Velco Manufacturing, broker Steve Bodeman tells GlobeSt.com. "The tenant is heavily invested in the property which made the buyer feel comfortable that they were going to stay awhile," said Bodeman, of DAUM Commercial Real Estate Services.
D-Velco Manufacturing upgraded the structure with air-conditioned manufacturing space after expanding into the building about three years ago, according to Bodeman. The aircraft restoration firm also has another facility across the street from the site.
Cole purchased the single-story industrial building from Andy Mellen of Mellen Properties, who represented himself in the negotiations. Bodeman represented the buyer in the transaction.
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