Phoenix – Intravest 2851 Kathleen LLC in Glendale, a company formed by Valley investors Thomas Roskos, Jr. and Mason Cave paid $19.059 million ($185.04 per foot) to purchase a 102,996-square-foot flex-office project at 2851 W. Kathleen Road in Phoenix. The seller was JVK Holdings LLC in Phoenix (John Kucera, Vianne Kucera, principals). The transaction was brokered through Bob Lundstedt of DAUM Commercial Real Estate Services in Phoenix.
The property, which was built in four phases from 1989 to 1997, was sold through a sale/lease back deal. As part of that agreement, a company owned by Kucera will continue to occupy the property for another nine years and seven months. That value of the lease over that period is $16+ million. Climatec Inc., a provider of HVAC equipment, has operated from the Kathleen Road building for five years. In July 2007, BREW reported the Kuceras paying $16.25 million ($157.77 per foot) to buy the property , which is in the Deer Valley area. The acquisition included 10.3 acres of excess land. That parcel could handle another 130,000 sq. ft. of office space. The Kuceras have not set a timetable for expanding the project. Intravest 2851 Kathleen LLC acquired the property with a $14.294+ million loan from Johnson Bank. The financing was arranged by Tony Hammond of Johnson Bank.
Find out more from Cave at (623) 521-6899. Reach John Kucera at (602) 944-3330.