CORFAC News

June 2, 2014 (Tempe, AZ) - Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of a 74,514 SF industrial property located at 1620 W. Sunrise Blvd., in Gilbert Arizona.  

Jeff Hays, Chad Neppl, and Jim Stockwell and Mike Goldwater of CPI's of Tempe Office handled both side of the deal. Jeff Hays and Chad Neppl represented the seller, MJA Investments, Inc., and Jim Stockwell and Mike Goldwater represented Rhodes Family Trust in this transaction. The reinforced concrete building was built in 2000 and is a single tenant building which is 100% leased to Stara Technologies, Inc., just North of Elliot Road and West of McQueen Road in Sunrise Business Park.

Jim Stockwell commented, "Here is a little indication on CPI's market saturation in the Phoenix Southeast Valley; Leroy Breinholt originally sold the lot for a build-to-suit project to LGE back in 2000. Jeff Hays and Chad Neppl leased it to Stara Technologies, Inc., in 2012. Then, Mike and I sold it to Rhodes Family Trust in a 1031 tax deferred, off market deal."

The sale was valued at $6.65 million. Jeff Hays, Chad Neppl, Jim Stockwell and Mike Goldwater may be contacted for additional information at jhays@cpiaz.com, cneppl@cpiaz.com, jstockwell@cpiaz.com, mgoldwater@cpiaz.com or 480-966-2301.

About Commercial Properties Inc./CORFAC International
CPI is a CORFAC International affiliate, full-service Brokerage and Property Management firm for all product types. Headquartered in Tempe, the company has more than 50 brokers and occupies two offices locally. Currently, CPI's listings include over ±16.7 million square feet for sale/lease, and 130 projects under property management, totaling more than 4.5 million square feet. Please visit our web site at www.cpiaz.com.