IAC Acquires Phoenix Industrial Asset
- Mar 07, 2018
IAC Industries has purchased a 50,000-square-foot industrial asset in Goodyear, Ariz., where it intends to relocate its manufacturing operations. The buyer paid the previous owner $2.9 million for the property, according to public records. IAC landed a $3.5 million, variable-rate construction loan from Bank of the West—a subsidiary of BNP Paribas—to fund both the acquisition of the building and planned renovation work.
Located at 3831 S. Bullard Ave., the property sits within half a mile of the Phoenix Goodyear Airport and is within four miles of Interstate 10, enabling convenient regional access. The structure is positioned in a small industrial area, approximately 20 miles west of downtown Phoenix.
Mike Ciosek, Eric Bell and Dylan Scott of Kidder Mathews represented IAC in the sale transaction.
“This is another great example of a Southern California company that was looking to relocate to Arizona to reduce operating costs and increase the bottom line, without sacrificing a quality employment base,” said Ciosek, managing partner at Kidder Mathews, in a prepared statement.
Image via Google Street View