A 33,400-SF warehouse at 1917-1965 W. First St., in
Tempe near Rio Salado Parkway and Priest Drive sold for $3,316,010 or
$99.28 per square foot in an all-cash deal.
Rick Robertson, Principal with Lee & Associates, represented both
the buyer and seller in this transaction.
The buyer was Danari Temple, LLC an investment partnership
headed by Michael S Adler of Adler Real Estate in Woodland Hills,
California. The seller was Watertower, LLC of Tempe who signed a
3- year lease back with an option to extend for two years for their
company, AV Concepts Inc.
In 1995, the original 18,000 SF building was constructed with an
additional 15,400 SF added to the building in 1999. The property sits on
2.06 acres and features 20’ clear height, two grade-level and five truckwell
doors, 6,930 SF of air conditioned office space with the remainder as
evaporate air-cooled warehouse space.