Tuesday, June 3, 2014

Gilbert Flex Buildings Sold for Nearly $13.5m

By: Paul Dionne | Vizzda.com

David Sellers of LGE Design/Build and Michael J Anderson of Anderson Auto Group have completed the sale of two office properties—900 N Fiesta Boulevard and 1620 W Sunrise Boulevard—in Gilbert for a combined $13,483,900 or $100.82 per ft2. The buyers were Frank and Marjorie Rhodes as members of Rhodes Development, a private Newport Beach, CA-based real estate developer, who paid cash for the properties.

900 N Fiesta Boulevard is a 62,413 ft2 single-tenant industrial flex building located east of the northeast corner of Country Club Drive and Guadalupe Road. The building was built in 2000 and renovated in 2013 on 6.66 acres, zoned LI or light industrial. There is 12,749 ft2 of office space, 161 parking spaces, eleven dock doors and a minimum clear height of 15’. The property is 100% leased to Air Transport Components through 2023 with two five-year options to extend.

1620 W Sunrise Boulevard is a 71,328 ft2 multi-tenant industrial flex building located north of the northwest corner of McQueen and Elliot Roads. The building was constructed in 2000 and renovated 2012 pursuant to a 38k ft2 tenant improvement permit. The building sits on a 5.45 acre site, also zoned LI. There are 120 parking spaces, one communal truck well, ten grade doors and a minimum 21’ clear.

Sellers and Anderson acquired 900 N Fiesta and 1620 W Sunrise in 2013 and 2012, respectively, for a combined purchase price of $5.7m. 900 N Fiesta was previously operated as a United States Postal Service Office and was acquired in an arm's length transaction, while 1620 N Sunrise was acquired from Wells Fargo following foreclosure in 2011. Yesterday’s sale price of $13,483,900 represents a realized capital gain of 136.5%, net of any operational proceeds or costs associated with renovation.

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