TEMPE, AZ – Two industrial buildings at 1868-1872 E. Broadway Road in Tempe, totaling 125,292-square-feet (built 1973) sold for $3.6 million ($29 PSF).
The buildings were previously occupied by the seller, Dunn-Edwards paint company. The smaller of the two, at 19,950 SF, is a showroom/retail building with office and warehouse space while the larger building at 105,342 SF is a factory/warehouse configuration.
The buildings sit on 6.4 acres and feature heavy power and rail service. The location is convenient to the Loop 101 and 202 freeways and Phoenix Sky Harbor International Airport.
The buyer was Hypertec USA, is a subsidiary of Saint-Laurent, Quebec, Canada-based Ciara Technologies and eight other offices across Canada, the US and Europe. Hypertec Systems was established in 1986 and offers a wide array of information technology products and services including brand name hardware, software, consulting and after-sales support. Though a considerable part of Hypertec’s success can be attributed to its innovation and strategic alliances with leading manufacturers and software houses, what differentiates it from its competitors is the quality of its products and services. Hypertec has obtained several internationally recognized quality certifications including ISO 9001 and ISO 14001 and is now recognized as one of Canada’s largest Value Added Resellers.
Hypertec is a leading providers of information technology products and services with more than 3,000 customers in over 60 countries.
Lee & Associates Arizona principals Allen Lowe and Rick Lee along with Bruce Heathcote of Lee & Associates Irvine negotiated the sale on behalf of the seller, Dunn-Edwards. Evan Koplan and Mike Parker of CBRE represented Hypertec Capital.
“When Hypertec initially toured the Sky Harbor Airport Area and Southeast Valley there were only five viable options for existing sale product above 100,000 square feet,” said CBRE’s Koplan. “ 1868 and 1872 E. Broadway offer great freeway access, frontage on a major arterial roadway and the ability to occupy both buildings or continue to lease the frontage building. Hypertec made the decision to take advantage of current market conditions and we were able to negotiate a deal which transacted far below replacement cost.”
Lowe can be contacted at (602) 954.3747, Lee is at (602) 954.3742 and Heathcote should be reached at (949) 790.3107. At CBRE in Phoenix, Koplan is at (602) 735.5232 and his partner, Parker, can be reached at (602) 735.5231.