Search
 

City Spends $3M for Industrial Asset

CASA GRANDE, AZ-City officials ante up $2.7 million for the Lexington Machining building, which has sat vacant at least one year. The 63,700-sf building will be used by the public works department.

By Jennifer D. Duell | Updated on May 12, 2005

CASA GRANDE, AZ-City officials have closed on the $2.7-million acquisition of a nine-year-old industrial building, which will house the public works department. The 63,700-sf structure, empty at least a year, was sold by Lexington Machining Inc. of Rochester, NY.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.