TEMPE, AZ – A sale of a 26,750-square-foot office building at University Tech Center, 1860 W. University Dr., sold for $3,798,500 in an off-market transaction. Price per square-foot was calculated at $142.05.

Lee & Associates Principals, Bill Blake and Colton Trauter, facilitated the transaction for the buyer, 1860 W. University Drive, LLC, which is controlled by iT1 Source who will use the facility as their headquarters. University Tech Center, LLC was the seller. Financing was arranged by Tom Altieri of MidFirst Bank.

iT1 was formed in 2003 with the goal of becoming the leading value-added reseller in the technology industry by providing best-in-class solutions. The company chose Tempe for their headquarters as a strategic decision to source a talented workforce from Arizona State University.

The office center was built in 1987 and is located just west of Arizona State University. The location is in a high employment concentration area and is desirable for its easy access to the SR 143 (Hohokam Exp.), I-10, Loop 202 with proximity to Phoenix Sky Harbor International Airport.

For more information, Blake can be reached at 602.954.3761 and Trauter can be contacted at 602.474.9503.

CHANDLER, AZ – Arizona-based Av Air, Inc. has hired Sun State Builders to construct its new two-building, 162,500+ square-foot headquarters for a total project cost of nearly $15 million.

The 6.17 acre parcel at 6877 W. Frye Rd., Chandler, fronts the Loop 202 Freeway in Santan Technology Park. Av Air purchased the property and broke ground soon after closing.

Andy Ogan, Principal with Lee & Associates Arizona negotiated the transaction for the land and build-to-suit project. Architectural services were provided by Wes Balmer with Balmer Architectural Group. Tom Altieri of MidFirst Bank provided the financing with an SBA 504 loan. According to Altieri, it was one of the largest SBA loans done in Phoenix-area history.

The new buildings will consist of a 92,500-square-foot building with 20,000-square-feet of office space and a 70,000 –square-foot storage/distribution building. Both buildings will feature metal deck, steel trusses, 30’ clear height, grade level and truck-well loading doors.  The project is estimated to be completed in the fall of 2014.

Av Air, a provider of aftermarket aviation parts and services, will vacate 67,000-square-feet currently owned and occupied in its Chandler headquarters at 33 South 56th Street and 1510 West Bell De Mar Drive in Tempe to consolidate operations in its new facility. Av-Air will be offering the 67,000-square-feet in both facilities for lease.

Ogan will be the listing broker for both properties. For more information, Ogan can be reached at (602) 474-9565.