State-of-the-Art Building in Phoenix under New Ownership
- Jul 31, 2015
A state-of-the-art office, showroom and warehouse building has changed ownership with the help of Colliers International of Greater Phoenix.
Theory R. Properties LLC of Southern California acquired the 63,400-square-foot building located at 4501 E. McDowell Road in Phoenix. The asset, which currently houses Facilitec Inc., was purchased for $5.9 million through a 1031 exchange transaction.
Marc Bonilla, a vice president in Colliers’ Scottsdale office, represented the seller, King Ranch Properties II, LLLP. This is Bonilla’s second deal involving the asset, after selling the Facilitec building to King Ranch back in 2003. Mike Milic, vice president in Collier’s Scottsdale office, represented the buyer.
“We successfully navigated through a disposition strategy with multiple moving parts while the market fundamentals strengthened in the net lease sector. At the same time the long-standing tenant recommitted to a 12.5 year absolute NNN lease,” said Bonilla in a prepared statement.