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Local Manufacturer Drops $2M on Sale With Partial Leaseback

TEMPE, AZ-Advanced Foam & Packaging completes a reverse 1031 Exchange for a 22,616-sf industrial building at 1773 W. First St. The seller, Alpha Systems, collects $1.8 million from the sale and cuts a deal to stay in 6,000 sf for two years.

By Jennifer D. Duell | Updated on December 09, 2004

TEMPE, AZ-Advanced Foam & Packaging has purchased a 22,616-sf industrial building at 1773 W. First St. for $1.8 million. The seller, Elkhart, IN-based Alpha Systems, will lease back 6,000 sf for two years.

“Advanced Foam needed closer to 15,000 sf and this building offered the size they needed and room for future growth,” says Ken McQueen, a vice president with Trammell Crow Co.’s Phoenix office. “And, they get the lease income from Alpha Systems in the meantime.”

McQueen tells GlobeSt.com that Advanced Foam, which manufactures packaging materials, purchased the building at 1773 W. First St. as part of a reverse 1031 Exchange. Its 10,300-sf existing headquarters and production site is located at 4629 S. 33rd St.

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