TEMPE, AZ-Stolper-Fabralloy of Wayne, PA enters into a 15-year lease to expand its Tempe operations. The firm will be relocating from South 24th Street. The plan is to use 20,000 sf for office and the balance for distribution.
PHOENIX-The 44-unit Missouri Village goes for $1.1 million and the 45-unit 40th Avenue Apartments for $1.3 million. The buyer is a Wisconsin couple that closed the deals with a 1031 Exchange.
PHOENIX-Drake Equipment, a truck accessory business, will use about 26,000 sf and lease part to another automotive parts supplier. The two-building holding is positioned on about 6.3 acres along S. 19th Avenue.
TEMPE, AZ-B.J. Perryman gets a 7,750-sf building and a 2,000-sf tenant in the acquisition brokered by Grubb & Ellis and Johnson & Associates. The tenant is in place until October 2003, a key selling point for the buyer.
PHOENIX-Delaware North pays cash for a 323-room, four-building resort in British Columbia after its broker stepped in before the seller put it on the market. The transaction closed 75 days after the letter of intent was signed.
PHOENIX-The city is ranked as the nation's 10th best investment market for buyers of industrial product, according to a nationwide study. Buying in has lower short-term yields. On the seller's side of the equation, the yield averages 9.38%.
PHOENIX-Dynamic Labs will move into 18,768 sf of industrial space that triples its size and brings the launch of the state's first EMI testing facility. The deal is sweetened with a purchase option for 1720 W. Parkside Lane.
MESA, AZ-The showplace site for one of the area's largest RV dealerships is bought out of bankruptcy. The California buyer is La Mesa RV Center Inc. The property is a 34,225-sf building and 15.5 acres with prime interstate frontage.
PHOENIX-GMAC claims it's owned $845,795 in payments and interest from Camelback Plaza Development LLC, which filed a Chapter 11 in November 2001. GMAC is seeking all business records, licenses and the $126,975 in the bank.
PHOENIX-Rents running 5% below the market average made the acquisition particularly appealing, says the Marcus & Millichap broker. It's the second time in four years that the Phoenix property has changed hands.