Buyer Flamingo-Jones Ltd took over ownership of the 1601 E. Broadway Rd. building from seller Hohokam Resources of Scottsdale in a $5.7-million transaction that satisfied a 1031 Exchange and gained a solid, 10-year tenant.
"It was originally on the market with a five-year lease," broker Jennifer Lunt, with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. She said initially just few buyers were interested in the property with such a short-term tenant. That all changed, however, when the building owner approached MechTronics about a five-year lease extension. "Once the lease was extended, it didn't take much time at all," Lunt said.
MechTronics, a subsidiary of Long Beach, CA-based Ducommun Inc., supplies electromechanical illuminated push button switches for the aerospace industry and microwave switches and components used in the aerospace and wireless communications industries.
Lunt said the buyer sold a shopping center in Las Vegas in the 1031 Exchange. She and Steve Fernandez, also with CB Richard Ellis, along with and Ron Clark, formerly with CB Richard Ellis, represented the seller in the transaction. The buyer was assisted by Alfred Barbagallo of CB Richard Ellis' Las Vegas office.
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