"It's a unique property because it has small buildings with yards, which is difficult to find," broker Rob Martensen, with Colliers International, tells GlobeSt.com. "There's a lot of demand for these types of buildings because each company can have their own small building with yard space."
Martensen said buyer 3960 E. Palm Street LLC of Chandler was looking for a property to satisfy a 1031 Exchange when he made a blind phone call to sellers Joe and Susan Dotty of Mesa to find out if the 40,860-sf industrial property was available for sale. It wasn't, but that didn't matter to the investment group, which put up a $3.1-million bid on the 3960 E. Palm Street site, located in the Commons Industrial Park.
The sale was arranged by Martensen along with Colliers International brokers Paul Sieczkowski and Mike Parker. The brokers represented both parties in the transaction.
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