Lee & Associates Principal Ken McQueen negotiated on behalf of Forever Nutraceutical. The seller, Sorenson Group Management of Salt Lake City, UT was represented by Newmark Grubb Knight Frank.
McQueen had once sold the building for $2.15 million in 2006 that was eventually given back to the bank. Sorenson Group subsequently purchased the note along with other bad debt. The building, renovated in 2011, has remained vacant for the past seven years. Forever Nutraceutical plans to use the facility for production and distribution of nutritional supplements and other health-related products.
Built in 1976, the property sits on 1.79 acres and features a remodeled exterior, new parking lot, fenced yard and upgraded landscaping. It is located close to Interstate 10, Phoenix Sky Harbor International Airport, Metro Light Rail and is directly across the street from Cotton Center.
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