Tony Lydon, senior vice president with Grubb & Ellis/BRE Commercial LLC in Phoenix, tells GlobeSt.com that the 12-acre property at 3181 N. Lear Ave. sat on the market about 12 months before going under contract to the City of Casa Grande. The building, with a 10,000-sf office finish-out, received five offers, but the city was the highest offer and the one that was sure to close, he says. Lexington Machining turned out the lights more than a year ago when it consolidated operations to the East Coast.
The fully air-conditioned structure has heavy electrical capacity and high-bay lighting. The city plans to move public works' employees and their equipment into the structure later this month. Lydon, who teamed with Grubb's Steven Poole to broker the sale, says some improvements most likely will be made.
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.
