"The land was for sale first and Bucking Bronco decided to buy the company too," says David Volk, a vice president with CB Richard Ellis Inc.'s Tucson office who brokered the transaction for 1904 N. Oracle Rd. Local businessman Jon Feldman sold several 1950s-era buildings that are used in the production of HVAC systems. "The value of this deal is from the land, we didn't even bother measuring the buildings," he tells GlobeSt.com.
According to Volk, Arizona Maintenance Co. has occupied the acreage more than 40 years. "We marketed the land as vacant and they planned to move when it sold," he explains. It took more than four months to close the property deal because of the complexities related to the sale of the company, says Volk, adding Bucking Bronco plans to continue to operate Arizona Maintenance Co.
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.
