CPI sells 74KSF industrial property in Gilbert
Commercial Properties, Inc. announced the sale of a 74,514 SF industrial property located at 1620 W. Sunrise Blvd., in Gilbert Arizona. Jeff Hays, Chad Neppl, and Jim Stockwell and Mike Goldwater of CPI’s of Tempe Office handled both side of the deal.
Jeff Hays and Chad Neppl represented the seller, MJA Investments, Inc., and Jim Stockwell and Mike Goldwater represented Rhodes Family Trust in this transaction. The reinforced concrete building was built in 2000 and is a single tenant building which is 100% leased to Stara Technologies, Inc., just North of Elliot Road and West of McQueen Road in Sunrise Business Park.
Jim Stockwell commented, “Here is a little indication on CPI’s market saturation in the Phoenix Southeast Valley; Leroy Breinholt originally sold the lot for a build-to-suit project to LGE back in 2000. Jeff Hays and Chad Neppl leased it to Stara Technologies, Inc., in 2012. Then, Mike and I sold it to Rhodes Family Trust in a 1031 tax deferred, off market deal.”
The sale was valued at $6.65M.