The company this month will relocate its corporate headquarters to the two-story building at 2362 W. Shangri La Ave. from a 16,000-sf warehouse at 401 W. Watkins Dr. "They needed to expand and their existing building couldn't accommodate their growth," says Matt Hobaica, a principal with Lee & Associates Arizona. He brokered the transaction on behalf of the buyer and seller, Eugene Monkarsh. Lee & Associates' Jeff Conrad also marketed the property.

Hobaica tells GlobeSt.com that Aimco Precision will occupy 23,000 sf of the Shangri La building. The remaining space is leased for the long term to International Printing. "This building was a great option for them because they have room to expand," he says.

In particular, Aimco Precision was looking for a building that offered an upgraded image for the company along with fully air-conditioned space and a heavy power system. "There weren't a lot of options," he says. As a result, the firm was first in line to put an offer on the 18-year-old building, listed at $2.5 million. The building, situated on two acres in the Metrocenter submarket, received a lot of interest from users, adds Hobaica, who's now shopping for a buyer for Aimco Precision's 22-year-old building along Watkins Drive.