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Firm Settles Into $785,000 Buy

PHOENIX-Millennium 3 Technologies closes the deal, spends $10 per sf on the retooling and moves into 4040 E. Raymond St., a 10,617-sf industrial building that was up for sale for 15 months.

By Lee Simmons | Updated on May 21, 2004

PHOENIX-With the deed in hand, an installer of large commercial building systems has relocated from Scottsdale Airpark to a Sky Harbor industrial building after laying out $785,000 for a corporate headquarters and warehouse location. The combination proved a key selling point to the locally based buyer, Millennium 3 Technologies.

“There was some improvement work to be done on the building. That was a deal point to get done right away,” Eddy Moore of Grubb & Ellis/BRE Commercial in Phoenix tells GlobeSt.com. Located at 4040 E. Raymond St., the 10,617-sf building was constructed in the early 1980s. The buyer spent $10 per sf on renovations.

Rick Foss, also with Grubb & Ellis/BRE Commercial, says the asset, with a fenced yard, was on the market 15 months because the seller was asking $10 per sf over market value. The building finally sold at $2 per sf over value, with escrow lasting 30 days for a buyer who met the asking price, he adds.

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