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SoCal Investors Close $7M Deal in Three Days

PHOENIX-In a whirlwind closing for an off-market transaction, Vesta Strategies buys Rose Garden Center, a two-building, 72,500-sf showroom industrial complex, as part of 1031 Exchange. First Industrial Realty Trust Inc. is the seller.

By Jennifer D. Duell | Updated on October 22, 2004

PHOENIX-Vesta Strategies, an investment group from Southern California, was getting a bit desperate to invest its 1031 Exchange capital after two previous deals had fallen through.

As it came down the wire, Lee Noble, a senior vice president with CB Richard Ellis Inc., was able to help Vesta close on a $7-million industrial buy in just three days. “I was doing a lease for Habitat for Humanity in a First Industrial building and just happened to ask First Industrial if they had any building for sale,” Noble recalls. The REIT was getting ready to put Rose Garden Center, a two-building, 72,500-sf showroom industrial complex on the market.

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