The seller of the 4331 N. 44th Ave. property is Tropic Investments of Phoenix. Service Wire, which manufactures, distributes and services wire and cabling products, will move into the building within 60 days from a 25,000-sf building at 6050 N. 55th Ave. in nearby Glendale, according to Tony Lydon, a senior vice president with Grubb & Ellis|BRE Commercial LLC. He and partner Steve Poole represented the Tropic Investments. Steven Schwartz of Via West in Phoenix brokered the deal for the Huntington, WV-based buyer.
Lydon tells GlobeSt.com that the facility received five offers. "We were successful in selling it to the highest and best buyer," he adds. "Service Wire has been looking for new space for several months because they've outgrown their current facility and also wanted to upgrade their efficiencies."
Lydon says the Popular Outdoors facility is a good fit because of its relatively new, built just five years ago, and is close to Service Wire's existing location. "They didn't want to move too far away and lose employees," he explains. The company now employs abut 50, but plans to double the head count once it moves into the larger building, according to Lydon, who says the facility went dark in fourth quarter 2004 before the outdoors retailer filed bankruptcy. The retailer occupied the structure at least three years.
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.