Commercial Transactions

Fri, 01/14/2011 - 00:00 -- Jeff

Phoenix - - A company formed by Tempe-based investor Randy Stolworthy paid $3.3 million to acquire a 76,504-square-foot industrial project at the southeast corner of 37th Street and Roeser Road in Phoenix. The seller was a company formed by Principal Life Insurance Co. in Des Moines, Iowa. The deal was negotiated through Steve Lindley, Bob Buckley and Tracy Cartledge of Insignia ESG in Phoenix. The three-building property, called Plaza 40, is reported to be 90 percent occupied. Ken McQueen of Insignia has the leasing assignment. Stolworthy will manage. Over the past two years, BREW has reported Stolworthy buying investment properties in the Valley both for his own account, and for NZ Properties Inc. in Phoenix (also known as New Mexico and Arizona Land Co., AMEX:NZ).