Investor sees opportunity in long-term Tempe growth
Phoenix, November 16, 2017 – Colliers International in Greater Phoenix sold a 38,400-square-foot industrial building at 1445 S. McClintock Drive in Tempe, Arizona, for $1.8 million. Hearts and Smiles, an Arizona LLC, purchased the building.
Philip Wurth, CCIM, executive vice president with Colliers, represented the seller, Ronald L. Lewis and Lydia C. Lewis, Trustee. Nishel Badiani of Kirans and Associates Realty represented the buyer.
“The building is a unique asset because of the stable investment income and re-development opportunities later down the line,” said Wurth. “The owner sees value in investing in the long-term future of Tempe and redevelopment opportunities along Apache Boulevard and the light rail corridor.”
The building, which was constructed in 1969, is fully occupied by All Book Covers. The company has been a tenant at the building for more than 25 years. All Book Covers is an industry leader in hospitality and awards recognition, including custom designed and made case and leather products.
The property is located close to the Loop 101, Arizona State University and Sky Harbor International Airport. The METRO light rail system and station are accessible on Apache Boulevard, just minutes from the building.
About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that helps clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.