"Rail was very important to these guys," says John Pompay of CB Richard Ellis Inc. in Phoenix, who represented Bull Moose along with Jerry McCormick and John Werstler. The seller, Prairie Village, KS-based Big Industrial LLC, was represented internally.
"They looked for six months throughout the Southwest to find a facility," Pompay says. The building, situated on a 14.7-acre site, is one of two buildings previously owned by Rohn Products International LC, which makes cell tower bases. The company sold the buildings to Big Industrial about a year ago, he says. Cardinal Glass Industries Inc. of Eden Prairie, MN, acquired the other building.
Pompay tells GlobeSt.com that Bull Moose would have paid twice as much for a rail-served facility in Phoenix. "All of the buildings we were looking at in Phoenix were $5 and $6 million," he says. "They got a good price for the building in Casa Grande."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.