NAI Horizon negotiates $4.897M sale in two Chapter 11 industrial deals
PHOENIX, ARIZONA – NAI Horizon Senior Vice President John Filli, SIOR, represented the seller, a debtor in a Chapter 11 proceeding, in a pair of Southeast Valley industrial deals totaling $4.897 million.
Filli represented 4K Properties LTD and Arizona Steel Finishing LLC, both Arizona limited partnerships from Queen Creek, in the $3.17 million sale of three industrial/manufacturing buildings totaling +/-65,779-square-feet on 9.82 acres at 5136 S. Desert View Dr., and 5051 S. Warner Dr., in Apache Junction, Arizona.
The U.S. Bankruptcy Court-related transaction involved Milling Machinery Inc. as a “stalking horse” bidder – an attempt by a bankrupt debtor to test the market for the debtor’s assets in advance of an auction of them – and was subject to the highest and best offer.
The buyer was Rolling Plains Construction Inc., a Colorado corporation in Henderson, Nevada.
Filli also represented 4K Properties LTD in the $1.727 million sale of a multi-tenant, office-warehouse building at 1350 W. Harwell Rd., in Gilbert. This U.S. Bankruptcy Court-related transaction was also subject to the highest and best offer.
“The two assignments (plus a third on-going assignment to sell two manufacturing buildings totaling +/-47,807-square-feet on 13.1 acres in Snowflake, Arizona) were referred to me by Laurel Lewis, a top-performing office broker here at NAI Horizon, who had a previous business relationship with the particular individual at 4KProperties, LTD, responsible for managing the Chapter 11 Bankruptcy dispositions,” Filli said.
“Because each transaction also involved the disposition of inventory and equipment, closing of escrow was made more difficult. The many challenges that were encountered required both the listing and cooperating brokers to keep an open mind during the disposition process,” Filli said.
The Gilbert building totals 17,966-square-feet and was sold to Bio Huma Netics Inc. of Gilbert. The buyer, a producer and distributor of liquid fertility and organic protection products, was represented by Mike Parker of CBRE.