"We were marketing the building for lease for four months and it was slow. When we started marketing it for sale, it got better," Matt Hobaica, a principal with Lee & Associates in Phoenix, tells GlobeSt.com. "They had the first right of purchase."
Located at 2940 W. Willetta Dr. in Southwest Phoenix, the 24-year-old building underwent five months of marketing and received multiple offers prior to Western Millwork's entering escrow. The company originally anticipated to exercise the option later this year. It also operates a 22,000-sf location at 2525 W. Coronado Rd., which it plans to sell, says Hobaica. Both facilities will be used until a buyer for the Coronado Road building is identified.
Western Millwork signed a lease in February with the Hewson Co. of Phoenix because it didn't have financing in hand for a purchase. It since obtained acquisition financing to move forward with the takeover.
The single-story, concrete-tilt building includes a fenced yard adequate for Western Millwork's equipment storage as well as a fire sprinkler system, dock-loading capabilities and additional office space. The previous tenant was also a wood manufacturer.Hobaica represented both parties in the transaction.
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