November 6, 2014

AZRE

Emerald Design Center building sells for $2.6M

A 38,225 SF, freestanding retail building at Emerald Design Center, 1725 West Ruby Dr., Building C in Tempe, has sold in an all-cash deal for $2.6M or $68.02 per SF.

Lee & Associates principals Rick Robertson, Dave Johnson and Jerry Marrell negotiated the transaction for both the seller, Granco Enterprises of Tustin, CA and the buyer, Otium Real Estate Co. of Scottsdale, AZ. Otium is the owner/user entity of the current tenant, Salt Creek Home, a furniture store which has been leasing the building since 2010.

Built in 2006, the showroom/warehouse building is part of the 250,000 SF Emerald Design Center which features an eclectic mix of home furnishing retailers in the East Valley. The building features an evapcooled warehouse, 24-foot clear height, five truckwells, seven rollup doors and a 150-car parking lot.