Freedom Marketing, whose clients include Domino's, Paddock Pools, Cox Communications and Great Clips, got the 2522 W. Geneva property for $678,378, well below the going market rate, Rick Foss with Grubb & Ellis Co.'s industrial advisory division tells GlobeSt.com. "They got a very good price on it," said Foss, of the $66 per sf deal. Similar buildings in Tempe sell in the $69 per sf price range, he said.
The direct door-to-door marketing and distribution company relocated from its former home off Central Avenue and Watkins in Phoenix where the operation was squeezed into about 3,000 sf.
"They tripled in size with this purchase," said Foss, who represented Freedom Marketing in the transaction. "They needed to because they've had growing pains for some time."
The Arizona-based firm, which offers customers complete marketing services, from concept and design to printing and distribution, distributes more than two million door hangers every month. Foss said the purchase will give the company office space for its growing marketing staff along with 5,000 sf of air-conditioned warehouse for storage.
The building, the former home of Central Research Laboratories, was put on the market more than a year ago after the former owners decided to consolidate its Phoenix and California operations, Foss said. Mike Wallis with DAUM Commercial Real Estate Services represented seller Circuit Research Labs in the transaction.
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