Rich Uncles Buys AvAir HQ in Arizona for $27M
Lee & Associates has brokered the transaction on behalf of the buyer. The sale price equates to nearly $163 per square foot.
By Evelyn Jozsa
AvAir Headquarters
Lee & Associates has arranged the sale of AvAir headquarters, a 162,714-square-foot creative office and warehouse space in Chandler, Ariz., for $26.5 million, which equates to approximately $163 per square foot. The company worked on behalf of the buyer, Rich Uncles NNN REIT Inc., whereas Tiffany & Bosco PA represented the seller, Reasons Aviation LLC. The sale agreement allows AvAir to lease the facility for 15 years.
The asset is located at 6877 and 6971 W. Frye Road, along Santan Freeway, near the intersection of Interstate 10, Maricopa Freeway and E. Pecos Road. Built in 2015, the property occupies 6.17 acres in the Santan Technology Park. Features include:
- dock leveler
- dock bumpers
- truck court
- loading court
“AvAir’s headquarters created an ideal opportunity for Rich Uncles to break into the Valley market by acquiring a new cutting edge, creative office/warehouse development with a global aviation tenant,” said Andy Ogan, principal of Lee & Associates Arizona, in prepared remarks. “This transaction will provide long-term, durable cash flows in a market poised for sustained growth and capital appreciation.”
In December 2017, Lee & Associates also brokered the sale of a 35,5542-square-foot industrial warehouse in Tempe, Ariz.
Image courtesy of Lee & Associates
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