Business Real Estate Weekly by Rose Law Group
Phoenix – LBA Realty in Irvine, Calif. (Steven Layton, principal) has completed the $27.97 million ($41 per foot) acquisition of a 682,291-square-foot distribution building located near the northeast corner of Durango Street and 75th Avenue in Phoenix. In May, BREW reported the sale of the vacant property in the works. Maricopa County records show LBA RV-Company III LLC paid cash to buy the project, which is located at 1755 S. 75th Avenue. The seller was the developer, Buzz Oates Enterprises Arizona LLC in Phoenix (Doug Barkdull, principal). The sale was brokered through Bo Mills and Mark Detmer of Jones Lang LaSalle in Phoenix. The big box distribution facility, which was developed in 2010, has been vacant for almost four years. So now, LBA Realty will take a shot at finding a tenant or tenants for the industrial project. Continued
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