Eric Wichterman with the Phoenix office of Grubb & Ellis Co., spoke for the seller, Julian Geller. Phoenix-based Investor Property LLC represented the buyer of 2451 E. Baseline Rd. The original asking price on the 39,053-sf office complex was $5.4 million.
Wichterman tells GlobeSt.com that the buyer, Noffsinger, purchased the six-year-old project in a 1031 exchange. He wasn't privy to what was sold in order to drive the sale. He did say the buyer assumed financing through Aegon Life Insurance to the tune of $2.6 million at a 6.95% interest rate with a 15-year amortization. This assumption was critical to the sale because most buyers, he says, would not be interested in such a short amortization schedule.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
