The seller "was starting to kick the tires on selling it so rather than list it and take it to 27 buyers, we took it to one buyer and said make an offer," Insignia/ESG managing director Steve Lindley tells GlobeSt.com. That strategy paid off.
Shortly after receiving the offer, the unidentified Phoenix owner turned over the keys to the 405 West Geneva Ave. building in the Broadway Industrial Park.
It was Cabot Properties' first purchase in Phoenix, said Lindley, noting that the firm's principals, acting under a former entity, Cabot Industrial Trust, had purchased six other buildings in the same industrial park about two years ago before recently selling off its portfolio. The group's recent purchase, a single-story industrial building with a two-story office space mezzanine, is fully occupied by Universal Precision Technology, a plastics manufacturer.
Lindley put the deal together along with Insignia/ESG managing directors Robert Buckley and Tracy Cartledge, director Bob Burnand and associate Greg Mayer. The brokers represented both parties in the transaction.
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