PHOENIX – Arizona State CU is expected to lose almost $2 million on an industrial warehouse in the Scottsdale Airpark it sold this week for just $2 million.
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Real estate records show the credit union had paid $3.8 million for the 21,000-square-foot building at a public auction in 2008, after the previous owner, The Bunch Company, defaulted on its loan.
The single-tenant warehouse is fully leased to Ridgeline Energy Services Inc., an energy services and water treatment company that is headquartered in Canada.
