A 33,400 SF warehouse at 1917-1965 W. First St., in Tempe near Rio Salado Pkwy. and Priest Dr. sold for $3,316,010 or $99.28 per square foot in an all-cash deal.
Rick Robertson, Principal with Lee & Associates represented both the buyer and seller in this transaction.
The buyer was Danari Temple, LLC an investment partnership headed by Michael S Adler of Adler Real Estate in Woodland Hills, California. The seller was Watertower, LLC of Tempe who signed a 3- year lease back with an option to extend for two years for their company, AV Concepts Inc.
In 1995, the original 18,000 SF building was constructed with an additional 15,400 SF added to the building in 1999. The property sits on 2.06 acres and features 20’ clear height, 2 grade level and 5 truckwell doors, 6,930 SF of air conditioned office space with the remainder as evaporate air-cooled warehouse space.