TUCSON, Arizona – The industrial zoned garage at 1402 E Benson Hwy in Tucson sold for $1.3 million ($85.48 PSF) to local investors in a net lease investment sale, but not before the tenant, Auto Safety House (ASH) business was sold to another company. The 15,207-square-foot building, built 1975, with 4 grade level bays sits on a 3.22 acre lot with immediate visibility from I-10 in the southern sub-market of Tucson.
One Equity Partners, a middle market private equity firm, and its partner the W.W. Williams Company, LLC (“W.W. Williams”) acquired Auto Safety House in Arizona, the Thomas Built Bus distributor for the State of Arizona. Auto Safety House will operate as a brand under the ownership of W.W. Williams, a provider of mechanical repair services and products for commercial trucks, diesel power generators, warehousing, inventory management and logistics services.
Founded in 1941, ASH is one of the largest providers of parts and customized installation services in Arizona. The Phoenix-headquartered Company’s three facilities provide customized “Total Fleet Solutions” for bus and truck equipment service to the majority of Ford, GM, and RAM vehicle dealerships in the region. ASH, which serviced more than 2,500 customers in 2016, also offers mobile services, and serves as a distributor to nearly 30 equipment manufacturers specializing in high-end truck body, parts and equipment that include the Knapheide and Reading brands.
“ASH provided an excellent opportunity to expand W.W. Williams’ relationships with key OEMs in the Southwest, add expertise in retail parts, and bring traditionally outsourced fleet maintenance and repair work in-house,” said Matt Hughes, Director at One Equity Partners. “The complementary offerings make this a perfect addition.”
“ASH and W.W. Williams share many qualities, including culture, a dedication to highly professional service, and strong relationships with our customers,” said John Simmons, Chief Executive Officer of W.W. Williams. “This transaction significantly expands our market share, geographic presence, sales volume, end-to-end specialty service maintenance and repair offerings; and it enhances our ‘bumper to bumper’ customer relationships.”
One Equity Partners acquired a majority equity interest in W.W. Williams in August of last year, investing alongside the Williams family and company’s management team. The investment positioned W.W. Williams to further strengthen its rapidly growing sales and service network, grow its fleet maintenance operations, enhance technical capabilities and reinforce customer service support in existing territories.
“We believe joining W.W. Williams will further enhance our core competencies, including service offerings, sourcing capabilities, and together creates an opportunity to expand the Company’s up-fitting capabilities on a regional and national basis” said Mike Iben, CEO of ASH, who will continue to manage ASH and assume additional responsibilities at the company.
Ron Zimmerman of Cushman & Wakefield | Picor represented the seller , Tucson Benson Ventures of San Diego and Brandon Rodgers, CCIM, also with Cushman & Wakefield | Picor represented the buyers, Gregory and Sandra D’Innocenti and Family Trust of Sahuarita, AZ.
“The buyers liked the property leased to ASH,” said Zimmerman, “and liked it even more after the business acquisition was known. The larger W.W. Williams had 17 locations at the time and further enhanced the investment.”
For more information, Zimmerman can be reached at 520.248.0427 and Rodgers should be contacted at 520.546.2714.