Cushman & Wakefield of Arizona announced the sale of 6700 W. Morales Place in Chandler, an industrial facility that houses Avnet Global Solutions. The purchase price was approximately $32.5M.
Cushman & Wakefield Executive Director Christopher E. Toci represented the seller, Fort Properties of Los Angeles and procured the buyer, Griffin Capital Essential Asset REIT of El Segundo, Calif.
The 222,086 SF building houses light assembly and integration processes for Avnet, one of the largest distributors of electronic components and technology. Avnet, Inc. is headquartered in Metro Phoenix and operates several facilities throughout the city.
The property was a build-to-suit project constructed by Ryan Companies US in 2008. Avnet signed a 10-year lease for the property at the time of the building’s completion. Ryan Companies sold the project to Fort Properties, Inc. of Los Angeles in July 2008.
Griffin Capital Essential Asset REIT, affiliated with Griffin Capital Corp., made the purchase with AVNET’s current lease extending until April 30, 2018.
“This has been a unique sale, involving investment complexities not typically experienced in simple transactions,” Toci said. “This involved converting multiple ownership shares into future investment vehicles, while certain shareholders liquidated with cash. Both entities benefited from this sale with Griffin acquiring a well-designed, newer building that houses a very committed, strong credit tenant.”