Harrison Development made the close on the 3830 E. Weir Ave. property in just one day, according to James Harper, an industrial broker with Trammell Crow Co.'s Phoenix office. He, Ken McQueen and Andy Ogan brokered both sides of the transaction.
Harper tells GlobeSt.com that the 1980s-era building fell out of escrow before Harrison Development made an offer on it. "Harrison had been interested in the building for about a year," he says.
Harrison Development, well known throughout the Valley for value-add industrial acquisitions, plans to renovate the Weir Avenue building and lease it up, Harper says. He estimates the firm will spend upwards of $250,000 to reposition the building, including new truck wells, roof and paint. "It needs a little lipstick," Harper says.
The building, originally constructed as a build-to-suit for 7-Up, has been vacant for more than eight months. It formerly housed Geottl Air Conditioning, which was bought out and relocated to a smaller facility in Tempe. According to Harper, the building will lease for roughly $6 per sf after the rehab. Harrison Development, which has a portfolio of more than one million sf of industrial space in the Valley, will handle the leasing and property management.
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