CBRE has negotiated the sale of 1868 and 1872 E. Broadway Rd. in Tempe. The two industrial buildings, totaling 129,690 SF, commanded a sale price of $3.6M.
Evan Koplan and Mike Parker with CBRE’s Phoenix office represented the buyer, Hypertec USA, which is a subsidiary of Saint-Laurent, QC, Canada-based Ciara Technologies in the cash transaction. The seller, Dunn Edwards Paints, was represented by Rick Lee and Allen Lowe with Lee & Associates in Phoenix.
“When Hypertec initially toured the Sky Harbor Airport Area and Southeast Valley there were only five viable options for existing sale product above 100,000 SF,” said CBRE’s Koplan. “1868 and1872 E. Broadway Rd. offers great freeway access, frontage on a major arterial roadway and the ability to occupy both buildings or continue to lease the frontage building. Hypertec made the decision to take advantage of current market conditions and we were able to negotiate a deal which transacted far below replacement cost.”
Built in 1973, the class-B industrial property was previously owned by Los Angeles-based Dunn Edwards Paints who used the space as a showroom/retail location as well as a manufacturing facility.
