PHOENIX, ARIZONA (June 28, 2023) – NAI Horizon represented the seller in the $1.205 million disposition of a freestanding office/industrial building in Gilbert, Arizona.
NAI Horizon Executive Vice President Jeff Adams represented Investment Property Exchange Services, Inc., a California corporation, as a qualified intermediary for 1545 McQueen, LLC, an Arizona Limited Liability Company.
The multi-tenant industrial property with five individual leasable spaces totals 6,140 SF at 1545 N. McQueen Road in Gilbert. The property is an evap-cooled warehouse featuring loading docks at each unit, arterial frontage, and ample parking. It was built in 1987 and has a clear ceiling height of 14 feet.
“I’m thrilled to be successfully involved with this highly-valued client over the past many years. More specifically, the prior purchase and subsequent sale transactions for this property,” Adams said. “We were able to turn a profit for the client of several hundred thousand dollars on this smaller project in just 18 months. That is net of facility improvements that were made and all other ancillary costs. The success of this project is catapulting this client into further real estate transactions here and in other parts of the country.”
Todd Hamilton and Adam Shteir with City Wide Commercial Real Estate represented the buyer, Old Republic Exchange Co., as a qualified intermediary for Maximum Management Corporation, a California corporation, as Trustee of The Richard Neal Mills Trust date Nov. 2, 1984, of Beverly Hills, California.