The tenant, a major supplier of semiconductor assembly equipment, tools and materials, is holding a lease with another eight years on the term, says Mike Parker of Colliers International who represented the seller, Phoenix-based CRPB Investors. The Colliers team included Paul Sieczkowski, Rob Martensen and Bob Broyles.
As part of the 1150 N. Fiesta Blvd. sale, CRPB Investors worked with Kulicke & Soffa Industries to amend the existing lease to allow new development on four acres. "The site was under-improved," Parker says. With the lease amendment, Bedford will be able to develop as much as 53,000 sf of industrial space.
"Bedford likes the strategic location, credit tenant and the stable cash flow," Parker says. "The cherry is the additional land for development." The asset traded at an 8.9% cap rate after being on the market about 60 days.
Partner tells GlobeSt.com that CRPB Investors developed the building for Cerprobe Corp. in 1997. The investment group owned 68% of the building; Cerprobe owned 38%. When Kulicke & Soffa Industries acquired Cerprobe in 2001, it ended up with part ownership in the building.
Bedford, one of the most active industrial buyers in the Phoenix Valley, was represented by Bob Buckley, Steve Lindley and Tracy Cartledge with Trammell Crow Co. in Phoenix. The California REIT recently acquired Airport Technology Center at 4127-4129 E. Van Buren Rd. for $31.2 million from Washington, DC-based Carlyle Group.
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