Lincoln Property Company, Western Regional office based in Phoenix, assisted Harvard Investments of Scottsdale on their first commercial real estate purchase in the Valley. The asset consists of two adjacent industrial buildings in the West Valley totaling 93,912-square-feet and sold for $3.05 million ($32 PSF). The buildings are located at the northwest corner of 35th Avenue and Washington Street in Phoenix, Arizona in the very active southwest valley industrial submarket and less than a mile south of Interstate-10.
Craig Krumwiede, President and Director for Harvard Investments, has focused much of his career in residential land development. David Krumwiede, Executive Vice President for Lincoln Property Company, has spent his career in commercial development, acquisitions and property management. Harvard’s acquisition is the first time in which the two Valley brothers have worked together bringing a combined sixty years of experience in Arizona real estate.
“We were both influenced by our father, who worked for Del Webb here in the Valley,” said Craig Krumwiede, President and Director, Harvard Investments.
“Craig and I have always had our own distinct niches in the real estate industry and it’s great to be able to combine our real estate expertise and work together on a project.” said David Krumwiede, Executive Vice President, Lincoln Property Company.
The northern freestanding building on the property, approximately 57,000 square-feet is now being marketed for lease or sale. The building is undergoing a complete makeover which will include the build-out of a 2,500 spec office suite, installing a new roof, repaving and restriping the parking lot, upgrading the landscaping and new exterior and interior paint schemes. The renovations will be managed by the Lincoln Property Company’s Senior Construction Manager, Douglas Klocke.
The southern freestanding building on the property is home to the California-based warehouse retailer, Express Furniture Rental. Express Furniture Rental, at 2 N 35th Avenue, is the 4th largest furniture rental company in the country and currently operates in eight major markets covering the entire West Coast. The company is focused on servicing the temporary housing industry.
Lincoln Property Company, which manages more than 6 million square feet in Arizona, New Mexico and Nevada, will provide the management services for the acquisition.
"This property provides us with an opportunity to showcase all of Lincoln Property Company's strengths: our ability to redevelop, reposition and manage while focusing on adding value to our client," said Alisa Timm, CPM, Director of Management Services, Lincoln Property Company.
Steve Grossoehme with Rein and Grossoehme represented both buyer and seller through the transaction. Acquisition financing was secured by Jim Pierson and Keaton Merrell, principals with Phoenix-based Legacy Capital Advisors.
“Facing a firm deadline with the purchase contract, we were able to quickly identify the best financing source and close the acquisition loan in only 24 business days from loan application,” stated Jim Pierson, Principal at Legacy Capital Advisors.
Harvard Investments and Lincoln Property Company are actively seeking development and acquisition opportunities throughout the Valley. For more information, contact Craig Krumwiede with Harvard Investments at (480) 348-1118 or David Krumwiede and Amr Ceran with Lincoln Property Company at (602) 912-8888. Grossoehme should be contacted at (480) 214-9413.