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Manufacturer Exercises $1M Option

PHOENIX-Western Millwork's owner gives the green light for a 33,962-sf acquisition in the Hewson Westside Business Park. The $1.4-million purchase closes just four months after the firm signs a two-year lease.

By Lee Simmons | Updated on June 30, 2004

PHOENIX-A manufacturer of commercial cabinetry decides the sooner the better on exercising a purchase option for a 33,962-sf industrial building in the Hewson Westside Business Park. Phoenix-based Western Millwork closes the deal for $1.4 million shortly after signing a two-year lease for the property.

“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.

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