Intravest Development Acquires Climatec Headquarters in Sale-Leaseback Transaction
PHOENIX, Oct. 10, 2012 /PRNewswire-iReach/ -- Intravest Development LLC announced today that is has closed the acquisition of a 145,000 square foot flex industrial building located west of I-17 and north of Greenway Road. Intravest Development LLC is a real estate investment company with focus on the metropolitan Phoenix market. The executive team of Intravest Development of Joe Agee, Thomas M. Roskos Jr., and Mason Cave are confident in the continued return of the local commercial market. Until now, Intravest Development has been primarily focused on residential real estate assets, and the purchase of this building marks the first commercial asset to be added to the company's portfolio.
The building is leased to Climatec under a 10 year, triple net lease. Climatec is one of the southwest's leading providers of advanced building technologies for a large variety of industries and buildings. Climatec was founded in 1975. The net purchase price of the property was $19.06 million. The building is energy efficient and obtained an energy star rating for 2011.
Commenting on the purchase Intravest Development Chief Executive Officer Thomas M. Roskos Jr. stated "This is the first in the line of several transactions Intravest Development plans to complete in the commercial real estate sector over the next 18 months. Intravest Development sees positive movement in the metropolitan Phoenix commercial market and is hoping to benefit from the market recovery. With tenants such as Climatec, Intravest will continue to be a driving force in the market." Further commenting on the transaction, Intravest Development's Chief Financial Officer, Mason Cave noted, "Climatec is a strong company with a strong history. Locally in Phoenix, as well as throughout the southwest, Climatec is a household name with a large list of successfully completed projects that are very impressive. We are very pleased that Climatec trusted us with this sale-leaseback transaction and believe it is a mutually beneficial transaction for both companies."
Intravest partnered up with Johnson Bank to finance this acquisition. "It has been our pleasure to work with the management of both Intravest and Climatec to help facilitate this transaction" Says Tony Hammond, Vice President of Commercial Banking. "As a family owned, full service commercial bank focused on providing relationship based financial solutions, we are committed to and excited about helping our customers grow their footprints here in the Valley, with this transaction being a perfect example of that very thing."
Robert Lundstedt from Daum Commercial represented the Intravest Development in the transaction.
Media Contact: Mason Cave Intravest Development, 6235216899, email@example.com
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SOURCE Intravest Development