Djwade of Van Meter, IA got an 80%-leased. 24-year-old building at 3144 W. Lewis Ave. from Irmas & Gold of Encino, CA in a 45-day turn seeded by 1031 Exchange funds, Paul Boyle, a senior vice president for Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com. "We were doing the leasing. They were aware that we represented the owner and they were looking to finish an exchange deal," Boyle says, noting the buyer is planning a long-term hold for the property.
The tenant roster is a mix of startups and smaller service-oriented companies that have downsized in recent months. The warehouse, with 15% office build-out, has rents hovering 55 cents per sf.
Boyle, Rick Danis, Gary Anderson and Marc Hertzberg with Grubb & Ellis/BRE Commercial represented the seller. Todd Hamilton with Cutler Commercial in Phoenix negotiated on the buyer's behalf.
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