"In Deer Valley, there's virtually no small existing buildings for sale," Cory Spanko, an industrial property specialist with Wiley & Associates Commercial Real Estate LLC, tells GlobeSt.com. "It had a seller willing to lease back for a short term, providingbuyer time to make accommodations." The four-year-old building at 2205 W. Melinda Lane is part of the eight-building Melinda Business Park.
The buyer, Big Time Future LLC, entered a 60-day escrow when it made its bid one day after the property hit the market, according to Spanko. The buyer, outrunning one other bidder, closed $15,000 below the asking price. A conventional acquisition loan was obtained to help seal the deal.
Big Time Future, the purchasing entity for Glendale-based auto wholesaler J&A Arrowhead Enterprises Inc., will use the building to store vehicles. Sellers Mark and Tammy Snider of Phoenix will continue to operate their window treatments business, Blind Ideas, for 15 months until J&A is ready to take full occupancy.
Spanko says J&A Enterprises leases a storage facility along 25th Avenue north of Bell Road. The company intends to take full occupancy of the new property by late 2005.
Spanko represented the buyer while Dan Howell and Scott Wiley represented of Glendale, AZ-based Wiley & Associates Commercial Real Estate LLC represented the seller, who initially had the property up for lease and then decided to sell and dissolve the business, according to Spanko.
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