Daum Commercial Real Estate Services has negotiated the one-acre lot sale located at the southeast corner of Seventh Street and Covey Lane in Phoenix to Rainbow Ryders Hot Air Balloon Ride Co. for its future headquarters facility.
The Daum Phoenix team of Trevor McKendry, Chris Rogers and Bob Lundstedt represented both the buyer, W. Scott Appelman, managing member of 715 E. Covey, LLC of Albuquerque, N.M. and the seller, DVI Holdings of Springfield, Ill.
Rainbow Ryders, the nation’s largest hot air balloon ride company, will be building a 12,500-square-foot office and balloon port, with small tenant space available for lease. Construction of the new facility is to begin in early August.
This is a relocation and expansion for the Phoenix operations of Rainbow Ryders from its previous facility located at 1725 W Williams Dr. in Phoenix.
Rainbow Ryders Hot Air Balloon Ride Co. has 25 balloons, flying more than 25,000 passengers annually in Phoenix, Albuquerque and Colorado Springs.