Friday, December 11, 2009
After earlier buying one Toole Avenue warehouse from the Arizona Department of Transportation (ADOT) for just over its appraised value, on Friday, Dec. 11, Steve Fenton forked over about twice the estimated value of another building on the street.
The structure at 15-19 E. Toole had been valued at $265,000 by ADOT, but Fenton won a spirited bidding process at $512,000.
There were initially three bidders for the warehouse, but one dropped out quickly. That left Fenton and Darren Peress, who identified himself as a heart doctor who wants to be part of downtown redevelopment, to drive the price up $1,000 at a time. After about 15 minutes, Fenton emerged victorious.
The historic warehouse Fenton purchased, located between the former Zee's Mineral Gallery and Solar Culture, is presently home to AstroFab woodworkers and some other users.
Last month, Fenton purchased the Solar Culture building from ADOT for $101,000.