Colliers completes $6.5M lease and sale for Rae Family Trust
Colliers International in Greater Phoenix recently completed a $1.96 million office lease and a $4.525 million sale of the same multi-tenant industrial office building for the James A. Rae Family Trust of Phoenix, which is exclusively represented by Colliers Vice Presidents Kim Soulé and Tom Knaub.
The property, owned by the Rae Family Trust, is an industrial flex space in the Broadway Industrial Park, 2626 S. Roosevelt in Tempe. The single-story building consists of 61,200 square feet on 4.54 acres.
Approximately 55 percent consists of office space, with 45 percent industrial. Built in 1978, the property offers two dock-high loading doors and three drive-in, grade-level doors. The site is zoned as a general industrial district by the City of Tempe.
In the tenant transaction, Safety Sam Inc. of Tempe, entered into a long-term lease renewal of 30,541 square feet in the building. The tenant was represented by Kevin Lange with the Keyser Company in Scottsdale. The Rae Family Trust was represented by Soulé and Knaub (SIOR, CCIM).
The tenant, known as Safety Services, provides OSHA safety training and services.
A short time later, the property was sold to John Elliott of Villa Park, Calif., as a 1031 exchange. Soulé and Knaub again represented the Rae Family Trust, while the buyer’s broker was Brian Dineen with DPI Commercial of California. At the time of the sale, the property was 100% leased.
Other properties Soulé previously sold for the trust include 410 and 422 S. Madison in Tempe, multi-tenant industrial buildings; and 1002 N. 3rd Street in Phoenix, the former Chesterfield Plaza, which was razed and is being redeveloped into apartments in downtown Phoenix.
“The properties were purchased in the early 1990s from the RTC (Resolution Trust Corporation). As a result of the age of the building, the trustees of the Rae Family Trust have been upgrading the portfolio with less labor intensive properties and focusing more on single-tenant, triple-net, assets,” Soulé said.