"They were growing and the airpark is very expensive," says Cami Boyd, a marketing associate with Phoenix-based Ross Brown Partners Inc. who represented the building owner, Phoenix-based Aiello Family Trust. "The airpark is almost double the cost of Tempe." Boyd tells GlobeSt.com that the lease, which is valued at roughly $500,000, was structured with annual rent escalations.
Boyd worked with Rick Collins and Curtis Brown, also with Ross Brown Partners, on the deal. Wireless Acquisition was represented by Nate Bubeck and Marc Pierce with Lee & Associates Arizona's Phoenix office.
The 20-year-old building was occupied by Litton Industries Inc., which was acquired by Los Angeles-based Northrop Grumman Corp. in 2001. The building was vacated earlier this year when Litton was compelled to consolidate.
"We had a lot of more interest from buyers that rents," Boyd says. "There were a lot of people who would have bought this building." However, Aiello Family Trust did not want to sell the building, valued at close to $1.1 million.
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