The building at 4299 N. 43rd Ave. was sold by Chicago-based 43rd Avenue Partnership, which occupied 42,000 sf as Nichols Motorcycle Supply. The supply company has leased back 31,000 sf, according to Rob Stephens, a director with Cushman & Wakefield of Arizona Inc. He negotiated on behalf of the seller while Larry Katz of locally based Focus Realty represented the buy side.
Stephens tells GlobeSt.com that 43rd Avenue Partnership was open to selling the building and moving or just leasing the vacant space. "When Innovative Surfaces came to us and wanted to purchase the building and occupy part of it, it was a perfect fit for both companies," he says. Innovative Surfaces will move in March from 2323 N. 35th Ave., where it's been occupying 21,000 sf.
The building originally listed for more than $2 million. Stephens says it traded for less because it needed some roof work.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
