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$2M Bags Industrial Site, Tenant

PHOENIX-Innovative Surfaces, a patio furniture manufacturer, is readying to move into 27,000 sf of a 58,000-sf building that it bought for $1.8 million with a tenant in hand. The seller's Nichols Motorcycle Supply is holding onto the building's 31,000-sf balance.

By Jennifer D. Duell | Updated on March 17, 2005

PHOENIX-Innovative Surfaces has purchased a 58,000-sf industrial building for $1.8 million for office and manufacturing operations. The patio furniture tabletop manufacturer will occupy 27,000 sf of the 20-year-old, class B building.

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.

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