CBRE has negotiated the sale of a 6,656-square-foot flex industrial property within Elliot Commons Business Center in Gilbert, Ariz. The asset, located at 170 S. Williams Dillard Dr. in suites 115 and 116, commanded a sale price of $780,000 or $115/sf.
A collaborative team of commercial real estate professionals, including Mike Parker, Evan Koplan, Steve Fernandez and Andrew Fosberg, with CBRE’s Phoenix office represented the seller, Bluewire LLC of Chandler, Ariz. The buyer, Foresight Group, LLC of Scottsdale Ariz., was represented by GPE Commercial’s Bret Isbell.
“The buyer found this to be an attractive investment opportunity given Trucom has seven years remaining on its lease,” said CBRE’s Mike Parker. “The 1031 Exchange Buyer found the lease term and asset quality of value to complete the down leg of their exchange.”
The 6,656-square-foot property is currently leased to Trucom, a unique communications service provider for internet, data and telephone through a state-of-the-art synchronous optical network (SONET) technology. This location serves as the company’s operations base for Metro Phoenix.
The property is currently configured as a 6,656-square-foot flex industrial condominium unit with approximately 65 percent finished office and the remainder is warehouse. Built in 2003, the Elliot Commons Business Center benefits from easy access to three major freeway systems within 3-4 miles, allowing the tenant to effectively service Metro Phoenix.