Globe Buys Chandler Property; MainSpring Sells Tempe Trio
- Jul 06, 2012
Scottsdale-based investment and private equity firm Globe Corp. is the new owner of a Chandler industrial property that it has acquired from Milgard Manufacturing Inc. in a $7.6 million deal, The Phoenix Business Journal reports. The building is part of the Westech Corporate Center near Arizona Avenue.
Tacoma, Wash.-based Milgard, a window and door manufacturer and the property’s original owner, has used it as a manufacturing and distribution center since its completion in 2005. Globe Corp. hopes to quickly lease the 164,000-square-foot Class A building, which is located on a 16.5-acre parcel. The property will become available in about 90 days when a temporary lease expires.
In other news, Maricopa Community Colleges paid $1.9 million for three office buildings in Tempe, the Business Journal reported. Located in the Airway Corporate Center, the buildings total 23,900 square feet of space. The seller, Bel de Mar L.L.C., is an affiliate of MainSpring Capital Group, a Scottsdale-based real estate investment and development firm. MainSpring operates about 1.5 million square feet of office and industrial space and owns 900 acres of developable land, mainly in the Phoenix metropolitan area.
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