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$535,000 Sale/Leaseback Closes

PHOENIX-Automotive wholesaler, J&A Arrowhead Enterprises, places the winning offer just one day after the 6,200-sf building comes to market. The sellers, now dissolving a business, pen a 15-month lease until the new owner is ready to take down the space.

By Lee Simmons | Updated on May 12, 2004

PHOENIX-A Glendale-based auto wholesaler has spent $535,000 for a 6,200-sf industrial building in the Melinda Business Park in Deer Valley. The deal included a 15-month leaseback until the new owner is ready to take over the storage facility.

“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.

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