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Western Millwork Pens $1M Lease/Purchase

PHOENIX-The architectural millwork services company finalizes a $1.4-million plan to lease and then purchase a 33,962-sf industrial building in the Hewson Westside Business Park. The company plans to exercise the purchase option by the end of the year.

By Lee Simmons | Updated on April 07, 2004

PHOENIX-Western Millwork has closed a $1.4-million deal with the Hewson Co. to lease and then purchase a 33,962-sf industrial building in the Hewson Westside Business Park in Southwest Phoenix. The architectural millwork services company intends to buy the building by year’s end.

“It was advantageous for the tenant because they had a lot of money for moving expenses and tenant improvement. They were going to be tying up a lot cash,” Matt Hobaica, a principal with locally based Lee & Associates Arizona, tells GlobeSt.com.

Located at 2940 W. Willetta St., Hewson Westside Business Park was constructed in the late 1970s. Western Millwork’s two-year lease includes a purchase option, which the company plans to use by late 2004, according to Hobaica. The company will relocate from 2525 W. Coronado Road, where it owns two buildings totaling 22,000 sf.

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