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Lucent Building Trades for $3.15M

PHOENIX-Harrison Properties of Phoenix is the new owner of a 178,800-sf office and distribution center on the market since mid-2002. The buyer is gaming out a plan to attract new tenants to the shuttered structure on 16 acres on the west side of town.

By Beverly Ford | Updated on January 06, 2003

PHOENIX-A flailing market for high-tech stocks and cutbacks in the computer industry has forced the sale of Lucent Technologies’ 178,800-sf office and distribution building in West Phoenix.

Harrison Properties, a Phoenix investment firm that holds a local portfolio of more than two million sf, purchased the 3750 W. Indian School Rd. building along with 16 acres of land for $3.15 million with plans to lease the space to new tenants.

Rob Stephens of Cushman & Wakefield of Arizona Inc., who helped negotiate the deal for Lucent, tells GlobeSt.com that the property, built in 1958, had been on the market since the high-tech firm vacated the site in mid-2002.

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