AVNET BUILDING SELLS FOR $35.2 MILLION

CHANDLER, ARIZ. — Los Angeles-based FORT Properties has purchased the newly completed Avnet Building, which is located at 6700 W. Morelos Pl. in Chandler, for $35.2 million. Situated within Chandler Freeways Business Park, the 230,000-square-foot industrial property is fully leased by Phoenix-based Avnet Inc. Ryan/Pilgrim Investments Chandler Freeways LLC, an entity led by Ryan Companies US Inc., sold the property. Chris Toci, Ted Harrison, Mark Detmer and Bo Mills of Cushman & Wakefield of Arizona Inc. negotiated the transaction. Robert Alter of FORT Properties provided in-house representation for FORT Properties. Jeff Majewski of CB Richard Ellis Capital Markets arranged financing through Wachovia Bank.